BP chairman Helge Lund has this morning announced his intention to step down.
The energy giant confirmed the company's board of directors has begun the process of selecting a new chair after Lund informed the board of his intention to step down "in due course".
The succession process is being led by Dame Amanda Blanc, in her capacity as senior independent director, with support from the wider board.
Lund will remain in his role to initially work with his successor to ensure an orderly transition before stepping down, likely next year.
BP recently announced a "fundamental reset" of its strategy, overseeing the delivery of which will remain the board's focus during this time.
The reset will see the firm backing away from renewables and focusing instead on fossil fuels.
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. The board and I are committed to supporting Murray and his team, and to overseeing bp’s delivery of its strategic and financial objectives as we set out in our recent Capital Markets Update.”
Dame Amanda Blanc said: “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.”
FTSE 100
The UK's flagship share index, the FTSE 100, was down 92-points at 8,416 shortly after opening this morning.
Brent crude oil futures were down 0.87%, trading at $69.20 a barrel.