BP share price: Group chairman set to step down

Board launches search for successor

BP share price: Group chairman set to step down

BP’s (LON:BP) chairman Carl-Henric Svanberg is set to step down, following seven years at the helm of the group’s board. His tenure was marked by the Deepwater Horizon disaster, which took place only a few months after the Swede took the reins of the group.

BP’s share price has been little changed in London in today’s session, having lost 0.09 percent to 491.70p as of 08:26 BST, underperforming the benchmark FTSE 100 index which has climbed into positive territory and is currently 0.36 percent better off at 7,550.42 points. The group’s shares have added about 0.4 percent to their value over the past year, and are down by some three percent in the year-to-date.

BP Chairman to step down

BP announced in a statement yesterday that Carl-Henric Svanberg had informed the company’s board of directors of his intention to retire as chairman. He, however, will chair the annual general meeting to be held in May 2018 and will remain in position until a successor was in post. Svanberg took the reins of the group in January 2010, just a few months before the company was pitched into the worst crisis in its history, when the Deepwater Horizon drilling rig exploded, killing 11 workers and triggering the Gulf of Mexico oil spill.

“The first couple of years were incredibly challenging for us all as we navigated an unusually complex corporate crisis,” he said in the statement. BP’s chief executive Bob Dudley meanwhile said that the group’s “comeback would not have been possible without the strong leadership and steadfast support of Carl-Henric and the board”.

Search for successor starts

BP noted that Ian Davis, the group board’s senior independent director, will now lead the process to identify and appoint the oil major’s next chairman.

BP will update investors on its third-quarter performance on November 1. 

As of 08:54 BST, Friday, 20 October, BP plc share price is 490.95p.

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