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Investing.com -- BP Plc (LON:BP) has begun the search for a new chair after Helge Lund announced on Friday his decision to step down, with the transition expected to take place in 2026.
The company said in a statement that the selection process is underway, led by senior independent director Dame Amanda Blanc, with support from the board.
BP stated that the new chair will be appointed in advance to allow time for a smooth handover.
Lund, who has held the role since 2019, said the decision comes as the company shifts its focus from strategy development to execution.
“Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” Lund said in a statement.
Under Lund’s tenure, BP set a course toward reducing its reliance on fossil fuels and investing in renewable energy, pledging to cut its oil and gas production by 25% by 2030 compared to 2019 levels.
The company has, however, faced investor concerns over financial returns and energy transition targets amid fluctuating oil prices and global market shifts.
Blanc said BP is conducting a “comprehensive search” to find a chair with the experience to oversee the company’s strategic direction.
“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,” she said in the statement.