BP Chair Helge Lund will step down in 2026 amid the company’s dramatic shift away from renewable energy. Under current CEO Murray Auchincloss, BP has reduced clean energy investments by $5 billion yearly and abandoned carbon neutrality goals. The company plans to cut 4,700 jobs and sell $20 billion in assets by 2027. Elliott Investment Management, which increased its stake recently, supported this return to fossil fuels despite environmental concerns. The strategic reversal reveals tensions between profits and climate responsibilities.
BP’s chair Helge Lund announced his plans to step down, likely in 2026, after overseeing a dramatic shift in the energy giant’s strategy from renewables back to fossil fuels. Lund, who has led BP’s board since 2019, guided the company through major challenges including the COVID-19 pandemic and recent leadership controversies.
The resignation comes amid BP’s significant strategic reset. The company has reduced clean energy investments by over $5 billion yearly and abandoned its ambitious carbon neutrality goals. This pivot back to oil and gas follows a 97% drop in net profit during the previous fiscal year, prompting concerns about financial stability.
Elliott Investment Management, which increased its stake in BP in 2025, played a key role in this strategic shift. The investment firm opposed BP’s net-zero strategy, pushing for a return to more profitable fossil fuel operations. Many shareholders supported this change, preferring immediate returns over environmental targets.
During Lund’s tenure, BP experienced notable leadership changes. He oversaw CEO Bob Dudley’s departure in 2020, followed by Bernard Looney’s resignation in 2023 after non-disclosure controversies. Current CEO Murray Auchincloss has implemented what he calls a “strategy reset” to align with new priorities. The transition coincides with BP’s significant directional change toward emphasizing fossil fuel profitability over renewable investments.
Leadership upheaval marked Lund’s BP tenure, as three CEOs navigated crises and strategic pivots within just four years.
The company’s workforce has felt the impact of these changes. BP announced plans to cut 4,700 jobs, about 5% of its global workforce, while also planning $20 billion in asset sales by 2027 to adjust costs and improve profitability. The company has faced shareholder dissatisfaction over its previous commitment to reducing fossil fuel output while oil and gas prices were surging.
Environmental groups have criticized BP’s abandonment of its previously industry-leading carbon emission targets. They argue this move undermines global climate change efforts and raises questions about corporate accountability. The decision reflects growing tensions between profit motives and environmental responsibilities. This strategic reversal comes despite evidence that fossil fuels account for 65% of emissions driving the climate crisis globally.
As Lund prepares to exit, BP’s future direction seems firmly set toward traditional energy sources, despite rising concerns about climate impacts. The company’s transformation highlights the ongoing struggle between shareholder demands and sustainability commitments in today’s energy sector.
