BP chairman set to retire. Search for successor underway

  • Business & Finance

UK oil major BP is looking for a new chairman as its current one has announced his intention to retire. 

BP said on Thursday that its chairman, Carl-Henric Svanberg, would chair the annual general meeting in May 2018 and would remain in position until a successor was chosen.

Svanberg joined the BP board on September 1, 2009, and became chairman on January 1, 2010.

He spent his early career at Asea Brown Boveri and the Securitas Group, before moving to the Assa Abloy Group as president and CEO. From 2003 until December 2009, he was president and CEO of Ericsson and the chairman of Sony Ericsson Mobile Communications AB. Svanberg was also appointed as the chairman and a member of the board of AB Volvo in April 2012.

He is a member of the external advisory board of the Earth Institute at Columbia University and a member of the advisory board of Harvard Kennedy School.

The company added that Ian Davis, the BP board’s senior independent director, would lead the process to identify and appoint BP’s next chairman.

Svanberg said: “It has been a tremendous privilege to lead the BP board over the past eight years. I am proud of the achievements of the management and the company in that time. The first couple of years were incredibly challenging for us all as we navigated an unusually complex corporate crisis. Through that turbulent period, we stayed focused on saving and restoring the company.

“Today I can say with confidence that BP is back and ready for the future. Our CEO, Bob Dudley, is the one who, with his team, deserves credit and I am pleased that whoever is fortunate enough to succeed me as chairman will have the opportunity to work with him and his impressive management group.”

Bob Dudley, BP’s chief executive, said: “BP’s comeback would not have been possible without the strong leadership and steadfast support of Carl-Henric and the board. Together we were able to honor our commitments to the Gulf while rebuilding BP into a safer, stronger company.

“We devised a strategy to weather the downturn in the oil market while returning to growth. And we committed to playing a leading role in the energy transition while delivering oil and gas more efficiently. Carl-Henric’s wise counsel and good humor will be sorely missed.”

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