BP Eyes Ex-Centrica CEO Laidlaw, BHP’s MacKenzie as New Chair, Sky Says
(Bloomberg) -- BP Plc is considering former Centrica Chief Executive Officer Sam Laidlaw and ex-BHP Group Chair Ken MacKenzie as potential successors to outgoing chairman Helge Lund, according to Sky News, as the UK energy giant confronts mounting investor pressure and takeover speculation.
Lund, who revealed plans to step down in April, faced a significant shareholder revolt at BP’s annual general meeting, with nearly 25% voting against his re-election despite his announced departure.
The search comes amid a turbulent period for the £61 billion ($82 billion) company. BP is tussling with Elliott Management, which has built a multibillion-pound stake in the firm and is pressuring CEO Murray Auchincloss to cut spending and pivot away from renewables. The activist hedge fund has urged a renewed focus on hydrocarbons amid declining share performance — BP stock has dropped nearly 20% over the past year.
Laidlaw, who led Centrica until 2014 and more recently served on the board of Rio Tinto, is seen as a strong contender, Sky said, without saying where it obtained the information. He also chaired Neptune Energy, which was sold to Eni SpA for nearly £4 billion in 2023, and currently leads AWE, the UK’s nuclear weapons oversight body. His father, Christopher Laidlaw, previously served as BP’s deputy chairman.
MacKenzie, meanwhile, retired as chair of BHP this year. During his tenure, he dealt directly with Elliott Management, fostering a working relationship that could be valuable if selected, Sky said.
BP’s weakened market valuation has fueled speculation about potential takeover bids, with industry giants Shell and ExxonMobil reportedly analyzing the economics of a deal, though no formal moves have been made. As part of a strategic pivot, BP is also seeking to divest assets, including its Castrol lubricants unit, which could fetch around $8 billion.
BP declined to comment, while Laidlaw could not be reached for comment, Sky said.
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