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BP chief pledges 'reset' amid threat from activist investor
The Guardian
|February 12, 2025
The chief executive of BP has promised to "fundamentally reset" the oil company's strategy to defend it against the threat of a radical overhaul by an activist investor.
BP yesterday reported a sharp slump in annual profits to $8.9bn (£7.9bn), from $14bn a year earlier, just days after it emerged the activist hedge fund Elliott Investment Management has taken aim at the oil major by building a stake in the company.
The New York-based investor is expected to use its grip on the company to demand sweeping changes, which could include ousting the BP chair, Helge Lund, getting rid of board members, or forcing a break-up of the 120-year-old company.
The BP chief executive, Murray Auchincloss, used its annual financial results to argue that BP had already "laid the foundations for growth" in 2024 by reshaping its energy portfolio. He promised to "fundamentally reset our strategy and drive further improvements in performance" at an investor day on 26 February.
Dit verhaal komt uit de February 12, 2025-editie van The Guardian.
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