Photo credit: www.cnbc.com
British oil and gas company BP has announced that its chair, Helge Lund, will be resigning soon, initiating a succession process just after the firm has embarked on a major strategic overhaul.
“With our strategy fundamentally reset, BP is now focused on executing it swiftly, enhancing performance, and increasing shareholder value,” Lund stated in a recent announcement.
“The timing is appropriate for commencing the search for my successor to ensure a smooth and organized transition,” he emphasized.
Since taking on the role permanently in January 2023, BP’s CEO Murray Auchincloss faces considerable pressure to reassure stakeholders about the company’s trajectory toward improved financial results.
In February, the company disclosed plans to escalate its yearly investments in oil and gas to $10 billion by 2027 as part of their new strategic direction.
Lund is anticipated to depart in 2026, and the succession planning will be directed by Amanda Blanc, who serves as the senior independent director.
So far this year, shares of the publicly traded company have risen approximately 2%.
Source
www.cnbc.com