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(Bloomberg) — BP Plc is considering former Centrica Chief Executive Officer Sam Laidlaw and ex-BHP Group Chair Ken MacKenzie as potential successors to outgoing chairman Helge Lund, according to Sky News, as the UK energy giant confronts mounting investor pressure and takeover speculation.
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Lund, who revealed plans to step down in April, faced a significant shareholder revolt at BP’s annual general meeting, with nearly 25% voting against his re-election despite his announced departure.
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The search comes amid a turbulent period for the £61 billion ($82 billion) company. BP is tussling with Elliott Management, which has built a multibillion-pound stake in the firm and is pressuring CEO Murray Auchincloss to cut spending and pivot away from renewables. The activist hedge fund has urged a renewed focus on hydrocarbons amid declining share performance — BP stock has dropped nearly 20% over the past year.
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Laidlaw, who led Centrica until 2014 and more recently served on the board of Rio Tinto, is seen as a strong contender, Sky said, without saying where it obtained the information. He also chaired Neptune Energy, which was sold to Eni SpA for nearly £4 billion in 2023, and currently leads AWE, the UK’s nuclear weapons oversight body. His father, Christopher Laidlaw, previously served as BP’s deputy chairman.
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MacKenzie, meanwhile, retired as chair of BHP this year. During his tenure, he dealt directly with Elliott Management, fostering a working relationship that could be valuable if selected, Sky said.
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BP’s weakened market valuation has fueled speculation about potential takeover bids, with industry giants Shell and ExxonMobil reportedly analyzing the economics of a deal, though no formal moves have been made. As part of a strategic pivot, BP is also seeking to divest assets, including its Castrol lubricants unit, which could fetch around $8 billion.
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BP declined to comment, while Laidlaw could not be reached for comment, Sky said.
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