Warsaw, Poland – BP, a British oil and gasoline company, announced on Friday that its chairman, Helge Lund, will be stepping down soon to initiate a succession process following a strategic reset. This decision comes as the company focuses on implementing its new strategy, improving performance, and increasing shareholder value.

Lund stated, “Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value.”

BP’s CEO, Murray Auchincloss, who officially took over in January last year, faces significant pressure to reassure investors about the company’s path to enhance its financial performance. In February, BP revealed plans to increase annual oil and gas investment to $10 billion by 2027 as part of its new direction.

It is anticipated that Lund will step down in 2026, with the succession process being overseen by Amanda Blanc, acting as the senior independent director. The London-listed company’s shares have seen a 2% increase year-to-date, indicating some positive market response to the news.

As BP navigates through this period of change and restructuring, investors and industry analysts will closely monitor the company’s progress and decisions in the coming months. The search for Lund’s successor will be a key focus for BP as it seeks to ensure a smooth transition and continuation of its strategic objectives.

The energy sector continues to evolve, with companies like BP adapting to meet changing market demands and environmental pressures. Lund’s departure and the upcoming leadership transition mark a pivotal moment for BP as it seeks to position itself for long-term success in a rapidly shifting industry landscape.