BP Initiates Search for New Chairman

In a significant announcement on Friday, BP plc disclosed that its Board of Directors has started the search for a new chair. This move comes after current Chairman Helge Lund expressed his intention to step down from his position.

Ensuring a Smooth Transition

BP emphasized the importance of a seamless transition, stating, "The chosen successor will initially join the board, collaborating with Helge Lund to ensure a smooth handover. The new Chair is expected to fully assume the role by 2026, at which point Lund will depart from the board.

Lund's Vision for BP's Future

Reflecting on his decision, Lund mentioned, "I believe now is the opportune moment to begin the succession process." He underscored the company's focus on executing its new strategy and enhancing shareholder value as key reasons for the timing of his announcement.