BP share price outperforms as group names Helge Lund as chairman

Former boss of Statoil and BG Group to succeed Carl-Henric Svanberg

BP share price outperforms as group names Helge Lund as chairman

Shares in BP (LON:BP) have climbed into positive territory in today’s session as the company announced that it had appointed former Statoil and BG Group’s chief executive Helge Lund as its new chairman. Lund is due to succeed Carl-Henric Svanberg, whose tenure was marked by the Deepwater Horizon disaster, which took place only a few months after the Swede took the reins of the group.

As of 10:30 BST, BP’s share price had added 1.09 percent to 529.70p, outperforming the London market, with the benchmark FTSE 100 index currently standing 0.13 percent higher at 7,388.79 points. The group’s shares have added more than 16 percent to their value over the past year, as compared with about a 1.2-percent gain in the Footsie.

BP appoints Helge Lund

BP announced in a statement today that it had appointed Helge Lund to succeed Carl-Henric Svanberg as chairman. Lund will join the group’s board as chairman designate and a non-executive director on September 1 and will take over as chairman on January 1.

“Carl-Henric has steadily led our board through BP’s darkest days and into this period of growth and modernization,” BP’s chief executive Bob Dudley commented in the statement, adding that he was looking forward to working with Lund whom he has known for more than a decade.

Lund was chief executive of BG Group from 2015 and 2016 when he steered the company through its takeover by Royal Dutch Shell (LON:RDSA). He joined BG from Norway’s Statoil where he served as President & CEO for 10 years from 2004.

‘Good appointment’

“It is a good appointment,” Rohan Murphy, analyst at asset manager Allianz Global Investors, told Reuters, adding that Lund “has already had a great career and coming from Statoil and BG shows his upstream expertise which is still the main driver of earnings at BP so it is key to understand this well”.

As of 10:56 BST, Thursday, 26 April, BP plc share price is 530.10p.

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