BP Seeks New Chairman with Laidlaw, MacKenzie as Candidates Amid Investor Pressure

BP Plc is actively searching for a new chairman to succeed Helge Lund, with former Centrica CEO Sam Laidlaw and ex-BHP Chair Ken MacKenzie among the leading candidates. This leadership change comes as BP faces significant investor pressure, including a notable shareholder revolt against Lund, who plans to step down in April 2026, due to disagreements over BP's strategic direction and climate commitments. Activist investor Elliott Management has acquired a multibillion-pound stake in BP, urging CEO Murray Auchincloss to cut costs and reduce renewable energy investments while focusing more on hydrocarbons. Laidlaw is seen as a strong contender because of his experience leading Centrica, involvement with activist investors at Rio Tinto, and his family ties to BP, while MacKenzie's prior dealings with Elliott at BHP could be beneficial. BP is also contending with takeover speculation from industry rivals such as Shell and ExxonMobil, alongside efforts to divest assets like its Castrol lubricants unit. Despite these challenges, analyst consensus holds a 'Hold' rating on BP shares, with moderate upside price targets reflecting cautious optimism about the company's future performance.