Helge Lund, Chair of BP, is planning to step down from his role by 2026, as activist hedge fund Elliott Management intensifies pressure on the UK energy major for deeper structural and strategic change, according to a report by Reuters.
BP confirmed on Friday that it has initiated a formal process to identify Lund’s successor, setting the stage for a leadership transition that could further reshape the company’s direction. The move comes as Elliott, which has amassed a near-5% stake in BP, pushes for more aggressive measures to enhance shareholder returns.
Lund, who has chaired the board since 2019, was a key proponent of BP’s 2020 pivot under former CEO Bernard Looney toward a lower-carbon future. That strategy included a pledge to reduce hydrocarbon production by 40% by 2030. However, BP’s shares have significantly lagged behind industry peers including Shell and ExxonMobil, drawing scrutiny from shareholders and activists alike.
Elliott’s campaign, first reported earlier this year, calls for BP to sharpen its focus on traditional energy assets and accelerate asset disposals. The activist fund is also said to be advocating for improved capital allocation and operational efficiency.
The leadership change follows a strategic course correction under current CEO Murray Auchincloss, who took the helm after Looney’s departure in 2023. Auchincloss recently recommitted BP to oil and gas as a core focus—dialling back the company’s earlier green transition goals in favour of near-term performance.
Lund will stand for re-election at BP’s 17 April AGM, but with mounting pressure from activist shareholders and investors focused on climate strategy, discussions around future board composition have already begun.
The chosen successor will join the board and work alongside Lund before assuming full responsibilities, BP said.
A seasoned energy executive, Lund previously served as CEO of Norway’s Equinor (then Statoil) and later led BG Group through its acquisition by Shell. He also chairs Danish pharmaceutical giant Novo Nordisk.
Elliott Management declined to comment.
