itstargetnews
BP and Gasoline Company BP (BP) sign was taken on July 29, 2024 in Warsaw, Poland.
Parenting | Parenting | Getty Images
British Petroleum Professional bp Its chair, Helge Lund, will soon step down, and the inheritance process began shortly after the company launched its basics Strategic reset.
“Brand resets our strategy fundamentally and BP is now focusing on implementing it at a pace, improving performance and growing shareholder value,” Lund said in a statement.
He added: “Now is the right time to start looking for my successor and achieve orderly and seamless switching.”
Lund is expected to resign in 2026. BP said the succession process will be led by Amanda Blanc, who serves as a senior independent director.
BP shares fell 2.2% on Friday morning. In recent years, the listed company has lagged behind its industry competitors.
bp Announce In February, it plans to increase annual oil and gas investment to $10 billion in 2027 and cut spending on renewable energy as part of its new strategic direction.
Analysts widely welcome BP’s renewed focus on hydrocarbons, despite the tortured energy giant’s continued pressure from radical investors.
According to Reuters, U.S. hedge fund Elliott Management has established about 5% stake, becoming one of BP’s largest shareholders.
Meanwhile, radical investors followed this action, pushing investors to reappoint investors at a shareholders’ meeting on April 17 to protest the company’s latest strategy in protest of its latest strategy.
Lund previously supported BP’s 2020 strategy when he served as CEO at Bernard Looney to increase investment in renewable energy and cut oil and gas production by 40% in 2030.
BP CEO Murray Auchincloss, who was permanently in charge in January last year, has been under significant pressure to ensure that the company is on the right path to improve its financial performance.
“A clearer rest”
Russ Mold, investment director at AJ Bell, told CNBC via email on Friday: “Eliot continues to use the UK English regulations to the UK English language for a more clearly defined breakthrough to move to renewable energy strategies, which was outlined when Bernard Looney was CEO.”
He added: “Mr. Lund was the chairman at the time, so he had a firm connection with the program and the current boss, Murray Auchincloss, was refining oil.”
Moore said radical movements tend to have “quite classic thrust” such as changes in management or governance, higher shareholder allocation, overhaul of the company’s structure and operational improvements.
“In terms of BP, there are changes in our capital allocation and management right now, so it’s no surprise to see if that will bring Elliott to rest in peace, although it’s not surprising if it feels more can and should be done.”
