BP chairman to step down after energy strategy reset

BP president Helge Lund volition apt measurement down adjacent year. Photo: ERIC PIERMONT / AFP/File
Source: AFP

BP connected Friday said president Helge Lund volition measurement down aft a large reset astatine the British energy elephantine that saw it precocious shelve carbon-reduction targets to absorption connected fossil substance output.

"Having fundamentally reset our strategy, BP's absorption present is connected delivering the strategy astatine pace, improving show and increasing shareholder value," Lund, who is "most likely" to measurement down adjacent year, said successful a statement.

The Norwegian, who assumed the relation astatine the commencement of 2019, added that up until his departure helium remains "committed to supporting" main enforcement Murray Auchincloss arsenic the second delivers the group's "strategic and fiscal objectives".

BP successful February launched a large pivot backmost to its much profitable lipid and state business, shelving its erstwhile industry-leading targets connected reducing c emissions and slashing cleanable vigor investment.

The strategy overhaul followed a hard trading twelvemonth for BP, which is nether unit from investors to boost its stock terms arsenic countries look to slash emissions.

To the dismay of environmentalists, the radical volition besides chopped cleaner vigor concern by much than $5 cardinal annually.

BP plans additionally to offload assets worthy a full of $20 cardinal by 2027.

The radical suffered a 97-percent slump successful nett net past year, portion it precocious axed 4,700 unit jobs, oregon astir 5 percent of its planetary workforce.

Lund has worked with 3 CEOs astatine BP, which included helping to usher the institution done the turbulent Covid years erstwhile request for vigor collapsed.

The industry went connected to marque immense profits arsenic lipid and state prices soared pursuing the penetration of Ukraine by large fossil-fuel shaper Russia. Oil prices person fallen successful much caller years.

Under Lund, BP CEO Bob Dudley departed successful aboriginal 2020, replaced by Bernard Looney, who was sacked implicit his nonaccomplishment to disclose past relationships with colleagues.

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Source: AFP