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.
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00:00It's Benzinga bringing Wall Street to Main Street. BP Chair Helga Lund will step down in 2026,
00:06initiating a succession process following the company's strategic reset, according to CNBC.
00:11BP aims to focus on executing its new strategy, improving performance and boosting shareholder
00:16value. The oil major plans to increase its annual oil and gas investment to $10 billion
00:21through 2027, while reducing spending on renewables as part of its new strategy.
00:26Analysts have largely supported BP's renewed focus on hydrocarbons.
00:30Through, the company faces ongoing pressures from activist investors.
00:34U.S. hedge fund Elliott Management has acquired a 5% stake,
00:37becoming one of BP's largest shareholders.