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On July 29, 2024, the British oil and gasoline company BP (British Petroleum) was depicted in Warsaw, Poland.
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British oil major PP Friday is said Strategic reset.
“Having fundamentally reset our strategy, the focus in the BP is now in providing a strategy at the pace, improving productivity and growth of shareholders,” Lund said in a statement.
“Now is the time to start the process to find my successor and ensure the orderly and seamless gear,” he added.
Lund is expected to leave in 2026. The BP said the continuity process will be headed by Amand Blanc as a senior independent director.
On Friday morning, BP shares traded 2.2% below. In recent years, the firm listed by London lagged behind its branch opponents.
PP announced In February, it plans to increase the annual oil and gas investments to $ 10 billion by 2027 and reduce the cost of renewable energy sources within the new strategic direction.
Analysts have welcomed the updated BP attention on hydrocarbons, although the energy giant remains under considerable pressure from investors’ activists.
According to Reuters, Elliott Management has created a share of about 5%to become one of the largest BP shareholders.
Meanwhile, the investor activist followed this, recently encouraged investors to vote against Lunda’s re-purpose as chairman at a meeting on April 17 in a protest rally on the recent strategy of the firm.
Earlier, Lund supported the BP 2020 strategy when Bernard Luni was CEO to increase investment in renewable energy and reduce oil and gas production by 40% by 2030.
BP CEO Murray Achinklos, who constantly took the helm in January last year, is under considerable pressure to assure investors that the company is going on the right way to improve its financial performance.
“More clearly defined break”
“Elliott continues to press BP on a more sharp, more clearly defined gap with a faster turning strategy towards renewable energy sources, which was outlined by Bernard Luni when he was the CEO,” CNBC said on Friday.
“Mr. Lund was the chairman then, and so he is firmly linked to this plan, which the current boss Murray Auhinclass clarifies,” he added.
Mold noted that activist companies tend to have “rather classic draft”, such as changes in management or management, higher shareholder distributions, major repairs of corporate structure and improvement operations.
“In the case of BP, we now have a shift in the distribution of capital and changes in management, so it will be interesting to know if it will deserve the eliot, although it would not be surprised if it feels more and should be done,” Mold said.
