BP chair to step down as oil giant pushes ahead with strategic reset

Published on: April 4, 2025

By MIKE SHEEN

Updated: 08:30 BST, 4 April 2025

BP chair Helge Lund is set to step down after six years overseeing the oil giant.

The Norwegian, who also serves as chair of healthcare giant Novo Nordisk, has held the role since 2019 after chief executive roles at oil firms BG Group and Statoil – now Equinor – and engineer Aker Kværner.

Lund will stay on until a replacement is found via a search led by BP board member and chief executive of insurance giant Aviva, Dame Amanda Blanc.

In the meantime, BP said its board’s focus will remain on overseeing management’s delivery of the energy giant’s new strategy.

Helge Lund steps down as BP chair after six years

The energy giant’s new chair will need to navigate through a world hit by Donald Trump’s tariffs, which delivered a fresh hit to the oil price.

BP is undergoing a ‘strategic reset’ under CEO Murray Auchincloss with a renewed focus on growing oil and gas output, while pulling back on renewables investment. It also intends to boost shareholder returns.

Blanc said: ‘We are starting a comprehensive search to identify Chair candidates with the credibility and relevant experience to lead the board and continue driving management’s safe execution of the reset strategy.’

Lund added: ‘Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value.

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

‘The board and I are committed supporting Murray and his team, and to overseeing BP’s delivery of its strategic and financial objectives as we set out in our recent Capital Markets Update.’

DIY INVESTING PLATFORMS

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Hargreaves Lansdown

Free fund dealing and investment ideas

interactive investor

Flat-fee investing from £4.99 per month

Saxo

Get £200 back in trading fees

Trading 212

Free dealing and no account fee

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

Compare the best investing account for you

:
BP chair to step down as oil giant pushes ahead with strategic reset

***
Read more at DailyMail.co.uk

BP chair to step down as oil giant pushes ahead with strategic reset