BP Initiates Chair Succession Plan

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

Transition Plan Unveiled

The company outlined a clear transition strategy, stating, "The selected candidate will initially join the board, collaborating with Helge to ensure a smooth handover. The new Chair is expected to fully assume the position by 2026, at which point Helge will resign from the board."

Lund's Perspective on Timing

Reflecting on his decision, Lund mentioned, "I believe now is the right time to begin this transition. Our focus remains on executing the new strategy and enhancing value for our shareholders."