KEY TAKEAWAYS
- Shares of BP, which has been under pressure from activist investor Elliott Investment Management, plunged Friday after the energy giant said chair Helge Lund is stepping down.
- Lund will step down “most likely during 2026” after working with his replacement to “ensure an orderly transition,” BP said.
- With Friday’s drop, the stock has lost about a quarter of its value over the past 12 months.
Shares of BP (BP), which has been under pressure from activist investor Elliott Investment Management, plunged 8% in recent trading after the energy giant said chair Helge Lund is stepping down.
Lund will step down “most likely during 2026” after working with his replacement to “ensure an orderly transition,” BP said. The energy giant recently announced plans to pivot away from its green strategy and shift to a focus on fossil fuels.
“Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” Lund said. “Now is the right time to start the process to find my successor and enable an orderly and seamless handover.”
Elliott also recently took a short position against BP rival Shell (SHEL).
With Friday’s drop, BP shares have lost about a quarter of their value over the past 12 months.
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