BP chairman to step down after oil giant retreats from green energy

The chairman of BP has announced plans to step down from the company after its retreat from green investments following pressure from shareholders.

BP kick-started a search for a new chair after Helge Lund told the board he intends to leave the role “in due course”.

The oil and gas business said it is likely to take until 2026 for a new hire to replace Mr Lund who will then step down from the board.

Aviva’s chief executive Amanda Blanc, who is a senior independent director on BP’s board, will be leading the search.

Mr Lund said it was the right time to find a successor “having fundamentally reset our strategy”.

Last month, BP bowed to pressure from shareholders by vowing to accelerate investment in oil and gas while slashing renewable spending by nearly three-quarters.

It is still aiming to hit net-zero carbon emissions by 2050.

The company had come under increasing pressure from some investors over its share price, which has lagged behind rival Shell.

Chief executive Murray Auchincloss said BP had gone “too far, too fast” on green energy, prompting the decision to “reset” the company with an “unwavering focus on growing long-term shareholder value”.

BP had previously been among the most ambitious of the energy majors on its green policies.

Mr Lund, who has been chairman since 2019, played a key part in overseeing the group setting its net zero agenda.

“Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” he said.

“Now is the right time to start the process to find my successor and enable an orderly and seamless handover.”