BP Chair Plans Exit as Oil Major Faces Pressure From Elliott

BP Plc Chairman Helge Lund plans to step down as the struggling oil major pivots away from the net zero strategy he championed amid pressure from Elliott Investment Management.

Lund was widely seen to be in a vulnerable position since Bloomberg reported that Elliott had built up a 5% stake in BP with the intention of pushing for change. The pressure only increased after Chief Executive Officer Murray Auchincloss’s strategy “reset” fell short of what the activist investor had wanted.