The succession process, led by Dame Amanda Blanc as senior independent director with board support, aims to ensure a smooth transition.
The selected candidate will join the board and work alongside Helge Lund before officially assuming the chair role, likely in 2026.
Helge stated, "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 decision follows pressure from activist hedge fund Elliott Management, which has been pushing for further changes at BP, reported Reuters.
Notably, in February, Elliott Management reportedly acquired a stake in BP and had been advocating for substantial changes at the British oil company to boost its performance.
In the same month, BP reported that it missed fourth-quarter revenue and earnings estimates, with hydrocarbon production down 5.4% year-over-year.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:BPH) and Texas Capital Funds Trust Texas Capital Texas Oil Index , ETF (NYSE:OILT).
Price Action: BP shares are down 4.72% at $29.86 premarket at the last check on Friday.
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