BP's chairman, Helge Lund, is set to resign following the company's failed venture into green energy. The decision for his departure comes amidst pressure from activist US hedge fund Elliott, pushing for further changes within the company. Lund, who supported BP's plan to reduce fossil fuel production by 40% by 2030 and transition to a low-carbon energy focus, played a role in appointing Bernard Looney as CEO in 2020. However, Looney later departed due to undisclosed relationships with staff.

Lund stated that BP is now focused on implementing their new strategy quickly and increasing shareholder value. The decision for Lund to step down follows Elliott Advisors' dissatisfaction with BP's strategy, which they believed lacked urgency and ambition. BP had initially announced plans to increase green energy investments and reduce fossil fuel production significantly by 2030, but later backtracked on many of these commitments due to poor stock performance.

With Elliot's influence continuing, attention may now turn to CEO Murray Auchinloss, as the activist investor aims for comprehensive strategic changes within the company. Lund's departure is seen as a preemptive move to avoid being ousted by shareholder vote orchestrated by Elliott.