BP PLC (LSE:BP.) has begun the process of appointing a new chair after Helge Lund told the board he plans to step down.
Senior independent director Dame Amanda Blanc is leading the search, supported by the wider board, BP said in a statement.
The oil major said the successful candidate will join the board ahead of taking over the role to allow for an orderly handover. Lund is expected to leave the board in 2026.
Lund said: "Having fundamentally reset our strategy, BP's focus now is on delivering the strategy at pace, improving performance and growing shareholder value. Now is the right time to start the process to find my successor and enable an orderly and seamless handover."
"We are starting a comprehensive search to identify chair candidates with the credibility and relevant experience to lead the board and continue driving management's safe execution of the reset strategy," Blanc added.
The board said its attention remains on supporting the company’s delivery of its strategy through the transition.