BP chair to step down as Aviva boss leads search for replacement

BP has disclosed that its chairman Helge Lund is set to depart, with Aviva's CEO Amanda Blanc – who currently serves as a non-executive director at the oil major – spearheading the hunt for his replacement.

Lund is anticipated to remain in his role until 2026, a move BP asserts will "ensure an orderly transition," as reported by City AM.

Blanc has indicated that BP's board will undertake a "comprehensive search" to identify individuals with "the credibility and relevant experience to lead the board and continue driving management's safe execution of the reset strategy."

Helge remarked: "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."

He further stated: "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."

This executive shake-up occurs amidst a period of upheaval for BP, following activist hedge fund Elliott Investment Management acquiring a stake in February, which led to a surge in share price and rumours about a potential break up of the company.

Helge's stewardship of the board was challenged in March when the Local Authority Pension Fund Forum (LAPFF) expressed opposition to his re-election as chairman, citing concerns over recent strategic choices.

BP has been grappling with a tightening financial squeeze in recent times.

In a significant move, BP's top dog, Murray Auchincloss, took a hefty pay cut of £2.3m in March following a sharp drop in the company's profits.

Earlier in February, Auchincloss had unveiled plans for a "fundamental reset", which included scrapping a raft of the firm's environmental commitments.

This announcement came on the heels of a staggering 50% plunge in fourth-quarter profit.