Time for BP’s chair to head for the exit | Nils Pratley

Helge Lund is too closely tied to share price failure and BP’s inability to carry its investors with it

• BP chief says it will ‘fundamentally reset’ amid threat of activist investor

Here – maybe only for another two weeks – is how BP describes the progress of its current strategy: “Since we set out our strategy in 2020, our track record of delivery has given us increased confidence as we invest in BP’s transition and the energy transition,” boasts the website.

That message will soon be deemed non-operative, one suspects. The shoddy share price says the stock market doesn’t have “increased confidence” in BP’s current approach, and it sounds as if the board doesn’t either. The strategy will be “fundamentally reset” on 26 February, chief executive Murray Auchincloss said on Tuesday, and there will be “a new direction for BP.”

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from The Guardian https://ift.tt/WdJ4R7x