BP chairman Carl-Henric Svanberg to retire in 2018
BP has announced that its chairman, Carl-Henric Svanberg, is to retire from the position in May 2018.
Svanberg assumed the role at the beginning of 2010, shortly before the Gulf of Mexico disaster that saw 11 people die when a BP oil well exploded on the Deepwater Horizon rig.
The £47bn fallout from that, plus a major downturn in the oil market, presented huge challenges for Svanberg in his first years in the post.
- Helly Hansen to acquire Musto for reported £50mn, company fulfilling growth strategy
- Bosch and Nokia join forces to develop leading IoT solutions
- Read October's issue of the Business Review Europe magazine
He has since overseen a slow but steady return to normality at the oil giant - but upon the announcement of his impending retirement, he preferred the praise to be directed at his leadership team.
"It has been a tremendous privilege to lead the BP board over the past eight years," he said. "I am proud of the achievements of the management and the company in that time.
"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."
Dudley added: "BP’s comeback would not have been possible without the strong leadership and steadfast support of Carl-Henric and the board. His wise counsel and good humour will be sorely missed."
Ian Davis, the BP board’s senior independent director, is set to lead the process to identify and appoint BP’s next chairman.
Like what you see! Signup for our weekly newsletter