The FINANCIAL -- BP on October 19 announces that Carl-Henric Svanberg has informed the company’s board of directors of his intention to retire as chairman.
Mr Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post, according to BP.
Ian Davis, the BP board’s senior independent director, will now lead the process to identify and appoint BP’s next chairman.
Mr Svanberg joined the BP board on 1 September 2009 and became chairman on 1 January 2010.
Mr 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 chief executive, 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. Until then, I look forward to continuing to serve BP and our shareholders.”
Mr Dudley, BP group 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 honour 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 humour will be sorely missed.”