UK-based energy giant and LNG player BP said that Carl-Henric Svanberg will retire as chairman of the company’s board of directors.
Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor takes up the position.
Ian Davis, the BP board’s senior independent director, will now lead the process to identify and appoint BP’s next chairman, the company said on Thursday.
Svanberg joined the BP board on September 1, 2009, and became chairman on January 1, 2010.
Speaking of Svanberg’s contribution, BP’s CEO Bob Dudley said that together with Svanberg the leadership devised a strategy to weather the downturn in the oil market while returning to growth.