BP Chair Helge Lund to Step Down in 2026, Kicking Off Leadership Transition Amid New Strategic Focus

BP Chair Helge Lund will step down in 2026, initiating a succession process following the company’s strategic reset, according to CNBC. BP focuses on executing its new strategy, improving performance, and boosting shareholder value. The oil major plans to increase its annual oil and gas investment to $10 billion through 2027 while reducing spending on renewables as part of its new strategy. Analysts have supported mainly BP's renewed focus on hydrocarbons, though the company faces ongoing pressure from activist investors. U.S. hedge fund Elliott Management has acquired a 5% stake, becoming one of BP's largest shareholders.