BP Chairman to Step Down

BP said October 19 that Carl-Henric Svanberg intends to retire as its chairman, but not immediately.

The Swedish executive has informed BP's board that he will chair the company's annual general meeting in May 2018 and remain in position until a successor is in post. Ian Davis, BP’s senior independent director, will now lead the process to identify and appoint BP’s next chairman.

Svanberg joined the BP board on 1 September 2009 and became chairman on January 1 2010. He has also chaired Sweden's Volvo since April 2012.

He acknowledged that his start at BP was tough, with the Deepwater Horizon drillrig disaster in April 2010 that killed 11 and the resultant Macondo oil spill: "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."

He also commended CEO Bob Dudley as "the one who, with his team, deserves credit."

Dudley in turn 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 [US] 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.”

Mark Smedley