Former Centrica chief, Sam Laidlaw, is reportedly in the running to take over as chairman of BP. He's being eyed as a potential successor to Helge Lund, who has announced his intention to step down from the oil giant in April.
Laidlaw is among several high-profile candidates being considered for the top job at the £62bn oil major, including the ex-chair of mining behemoth BHP, Sky News reports, as reported by .
The hunt for a new chair comes as BP grapples with shareholder discontent over the speed of its strategic transformation plans. Activist investor Elliott Management, which took a hefty stake in BP earlier this year, has been pushing the company to abandon its renewable energy commitments and accelerate cost-cutting measures.
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BP faced a significant shareholder revolt at its annual general meeting in April, with nearly a quarter voting against Lund's re-election amid escalating tensions over the abandonment of climate goals. Lund, who has been instrumental in driving BP's green agenda, will step down in April 2026.
His re-election vote was used by climate investors as an opportunity to stage a protest vote.
Laidlaw could be seen as a strong contender for the role, given his tenure at British Gas-owner Centrica and his experience dealing with activist investors during his time on the board of mining company Rio Tinto.
Rivals eye BP's valuation slump
Meanwhile, BP's rivals are keeping a close eye on the company's valuation slump. The energy titan scaled back its quarterly share buyback in April after President Donald Trump's tariff policies sent oil prices into a tailspin.
BP reduced its buyback to $750m (£559m), a significant drop from the $1.75bn it spent in the previous quarter.
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The London-based oil titan has hit a rough patch as cash flow from operations plummeted to its lowest point since the final quarter of 2020, when oil was selling for less than $40 a barrel.
Net debt also ballooned by $4bn compared to the previous quarter.
Pressure is mounting after Elliott Management set its sights on a free cash flow target of $20bn by 2027, a figure that overshoots the company's current goal by a hefty 40%.
Meanwhile, BP finds itself in the crosshairs of takeover rumours.
Shares in the beleaguered oil firm have been on a downward spiral over the past year, shedding nearly a fifth of their value.
This has piqued the interest of rivals Shell and ExxonMobil, who are rumoured to be considering potential takeovers in light of BP's dwindling market valuation.
However, these takeover whispers have yet to materialise into any official discussions.