BP chair Lund to exit 'likely' in 2026 amid Elliott campaign
Reuters
BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
Lund had backed BP's 2020 strategy under former CEO Bernard Looney to move away from oil and gas, including an ambition to cut its hydrocarbon output by 40% this decade. BP's shares have been underperforming rivals such as Shell and Exxon . BP's market capitalisation of around $84 billion is currently less than half of Shell's.
Following gradual steps away from that strategy - and Looney's departure in 2023 after it emerged he had not disclosed relationships with colleagues - new Chief Murray Auchincloss in February announced a renewed focus on oil and gas.
Elliott Management, which has built a near 5% stake in BP according to sources, wants even more change, including a more ambitious asset disposal programme compared with the group's $20 billion divestment target through 2027.
BP's shares were down 1.7% in early trading compared with a 2% fall for a wider index of energy companies
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