BP chair Helge Lund to step down amid Elliott campaign

BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, BP said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.

Lund had backed BP's 2020 strategy to move its focus away from oil and gas, including an ambition to cut its hydrocarbon output by 40% this decade, a plan that saw BP's shares underperform its peers such as Shell or Exxon.

This is a developing story