3 sources·Business

BP Chair Helge Lund to Step Down Amid Strategic Shift Back to Fossil Fuels

BP Chairman Helge Lund plans to resign in 2026 as the company reverses its renewable strategy amid pressure from shareholders.

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  1. BP chair Helge Lund bows out as oil giant ditches renewable strategy to focus on fossil fuels

    BP in February launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

    BP chair Helge Lund bows out as oil giant ditches renewable strategy to focus on fossil fuels

    FortuneFortune·16d
    Mostly Reliable
    This source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.
    ·
    Center
    This outlet is balanced or reflects centrist views.
  3. BP chair to resign amid pressure from shareholders over green agenda

    The plan angered climate campaigners and did little to appease BP’s investors, who have seen BP’s shares underperform compared with its rivals.

    BP chair to resign amid pressure from shareholders over green agenda

    The GuardianThe Guardian·16d
    Reliable
    This source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.
    ·
    Leans Left
    This outlet slightly leans left.
  1. Fortune
  2. CNBC
  3. The Guardian
Updated: Apr 4th, 2025, 7:37 AM ET

Summary

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Helge Lund, chair of BP, announced he will step down in 2026, following a board's decision to withdraw from its net-zero strategy due to shareholder pressure. Under the renewed focus, BP aims to ramp up investments in oil and gas while slashing its renewable energy spending. This strategic shift was influenced by activist investors, including Elliott Management, prompting a major pivot back to fossil fuels. The company’s current CEO, Murray Auchincloss, faces scrutiny over this direction as BP's shares have lagged behind competitors. Amanda Blanc will lead the search for Lund's successor.

Perspectives

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  • BP's chair Helge Lund will step down in 2026 following shareholder pressure and a strategic reset towards fossil fuel investments.

  • The company faces significant tensions with activist investors and a need to improve financial performance after shifting away from its renewable strategy.

  • The search for Lund's successor, led by Amanda Blanc, is set against the backdrop of BP's repositioning towards higher oil and gas investments.

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BP Chair Helge Lund to Step Down Amid Strategic Shift Back to Fossil Fuels - Pano News