Dame Amanda Blanc will anoint the next chairman of BP after Helge Lund last week caved in to investor calls to step down. The hunt for a replacement comes at a crucial time as BP pivots back to fossil fuel after a failed green energy push.
Blanc has plenty on her plate as chief executive of insurer Aviva plus her role as senior independent director on BP’s board. The energy giant has been grappling with aggressive activist investor Elliott, which is pushing for change after building a 5 per cent stake in BP.
But recent market turmoil sparked by Donald Trump’s tariffs has dealt a blow to BP’s plan to offload assets, including Castrol, to appease the New York hedge fund.
Lund, who has overseen a 28 per cent drop in BP’s share price, was on ‘borrowed time’, analysts said.
On a mission: Aviva boss Dame Amanda Blanc leads BP’s succession search
Investors had been clamouring for him to quit amid widespread dissatisfaction with his leadership, which saw the gap between BP and London-listed rival Shell widen.
The Norwegian also hired Bernard Looney as chief executive in 2020, who then left in disgrace just three years due to inappropriate relationships with colleagues.
Lund was co-architect of Looney’s green strategy, which was widely panned by shareholders.
Blanc said she would oversee a ‘comprehensive search to identify candidates with the credibility and experience to lead the board’.
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