Strategy Reset: Why has bp’s Chairman Quit?
bp’s Chairman Helge Lund will step down “most likely during 2026”, the company has said.
He has been a supporter of the company’s energy transition goals, many of which were scrapped after a downturn in profits in 2024.
Helge said: “Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value.
“Now is the right time to start the process to find my successor and enable an orderly and seamless handover.
“The board and I are committed to supporting Murray and his team, and to overseeing bp’s delivery of its strategic and financial objectives as we set out in our recent Capital Markets Update.”
The succession process is being led by Dame Amanda Blanc as Senior Independent Director with support from the wider board.
Amanda said: “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.”
bp’s strategy reset
In February 2025, bp announced a significant strategy overhaul including reducing its renewable investments by more than US$5bn per year.
It also increased its commitment to fossil fuels, planning annual investments of around US$10bn.
The company now has five sustainability aims:
- Net zero operations: Bringing Scope 1 and 2 emissions within bp’s operational control to net zero by 2050
- Net zero sales: Reducing the average lifecycle carbon intensity of the energy products it sells by 2050
- People: Supporting its employees and local communities through the energy transition
- Biodiversity: Support biodiversity where it operates
- Water: Reducing its net freshwater use in stressed catchments where it operates.
Previously, bp’s sustainability reports included a goal of achieving “net zero production”, reducing its Scope 3 emissions across the carbon in its upstream oil and gas production by 2050.
Its 2023 sustainability report also contained an aim to increase the proportion of investment it makes into its non-oil and gas businesses.
When its strategy changes were announced, Helge said: “The board believes that this is an important strategic reset for bp and is confident that it, together with rigorous performance management, will deliver improved performance and sustainable value for bp’s shareholders.
“Over the past 12 months, we have worked closely with Murray and his team as they have developed the new direction, ensuring it reflects the significant changes we have seen in energy markets and our purpose of delivering energy to the world today and tomorrow.
“This new direction places free cash flow growth, returns and value at its heart."
In its 2024 results, the company reported a 35% fall in annual profits to US$8.9bn and a 61% drop in fourth quarter profits year-on-year.
Helge Lund’s career
Helge took on the role of Chairman at bp in 2019 and oversaw its shift towards green energy.
He was a former McKinsey consultant and was CEO at Statoil, now known as Equinor.
The Norwegian businessman began the company’s move towards cleaner energy and oversaw its merger with the oil and gas division of Norsk Hydro, creating StatoilHydro.
He left the company in 2014 to join BG Group which was taken over by Shell.
Helge also chairs Danish pharmaceutical company Novo Nordisk.
Did Helge Lund jump before he was pushed?
With changes happening at bp, including its strategy reset, some believe Helge left the business before he was pushed out.
Biraj Borkhataria of RBC Capital Markets told The Times: “Stepping down voluntarily is probably a better look than the alternative.”
Activist investor Elliott Management is bp’s third biggest investor, building a stake worth roughly 5% in February 2025, as first reported by the Financial Times.
The firm has been pushing bp to take radical action to transform its performance, a source told Reuters.
While it has not yet gone public with its demands for bp, some have speculated that it would be likely to call for a new chairman.
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