BP Chairman Carl-Henric Svanberg tenders resignation

Max Chuard

BP chairman Carl-Henric Svanberg has informed the company of his intention to resign, the group announced Despite his resignation, Mr Svanberg would chair the annual meeting to be held in May 2018 and remain in his post until the appointment of a new successor, the search for which would be led by BP board’s senior independent director, Ian Davis.

Recalling the challenges of the Deepwater Horizon disaster, which cost BP over USD60 billion in fines, clean up costs and compensation, Mr Svanberg said: “The first couple of years were incredibly challenging for us all as we navigated an unusually complex corporate crisis. Through that turbulent period we stayed focused on saving and restoring the company. Today I can say with confidence that BP is back and ready for the future.”

“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. Until then, I look forward to continuing to serve BP and our shareholders, he added.

The Swede, Carl-Henric Svanberg joined the board of BP on 1 September 2009, becoming chairman soon afterwards at the start of 2010.

Mr Dudley, BP group chief executive, said: “BP’s comeback would not have been possible without the strong leadership and steadfast support of Carl-Henric and the board. Together we were able to honour our commitments to the Gulf while rebuilding BP into a safer, stronger company.”