Sam Laidlaw, the previous boss of Centrica, is among the many candidates being thought-about as the following chairman of BP, Britain’s besieged oil and fuel exploration big.
Sky Information has learnt that Mr Laidlaw is being thought-about by BP board members as a possible successor to Helge Lund, who introduced in April that he would step down.
BP’s chair search comes with the £62bn oil main in a state of disaster, as business predators circle and the tempo of its strategic transformation being interrogated by shareholders.
Elliott Administration, the activist investor, snapped up a multibillion pound stake in BP earlier this yr and is pushing its chief govt, Murray Auchincloss, to speed up spending cuts and ditch a string of renewable power commitments.
Mr Lund’s departure will come after practically 1 / 4 of BP’s shareholders opposed his re-election at its annual assembly in April – an unusually massive protest on condition that his intention to step down had already been introduced.
BP’s senior impartial director – the Aviva chief govt Amanda Blanc – is alleged to be transferring “at tempo” to finish the recruitment course of.
Quite a lot of outstanding candidates are understood to be in discussions with headhunters advising BP on the search.
Mr Laidlaw can be a logical option to take the position, having reworked Centrica, the proprietor of British Gasoline, throughout his tenure, which led to 2014.
Since then, he has had a protracted stint – which lately concluded – on the board of miner Rio Tinto, which has been heading off activist calls to desert its London itemizing.
He additionally established, after which offered, Neptune Vitality, an oil firm which was acquired by Italy’s Eni for practically £4bn in 2023.
Final December, Mr Laidlaw was appointed chairman of AWE, the government-owned physique which oversees Britain’s nuclear weapons functionality.
He additionally has robust household connections to BP, along with his father, Christopher Laidlaw, having served as its deputy chairman throughout a protracted enterprise profession.
One individual near BP mentioned the youthful Mr Laidlaw had been approached about chairing the corporate throughout its earlier recruitment course of however had dominated himself out due to his Neptune Vitality position.
The standing of his engagement with BP’s search was unclear on Saturday.
One other individual mentioned to have been approached is Ken MacKenzie, who lately retired as chairman of the mining big BHP.
Mr MacKenzie headed BHP throughout a interval when Elliott held a stake within the firm, and is alleged to have an excellent working relationship with the investor.
Shares in BP have continued their downward trajectory over the past yr, having fallen by practically a fifth throughout that interval.
The corporate’s valuation droop is reported to have drawn renewed curiosity in a potential takeover bid, with rivals Shell and ExxonMobil amongst these mentioned to have “run the numbers” in latest months.
Stories of such curiosity haven’t elicited any formal response, suggesting that any deal is conceptual at this stage.
BP is racing to promote property together with Castrol, its lubricants division, which might command a worth of about $8bn.
This weekend, BP declined to remark, whereas Mr Laidlaw couldn’t be reached for remark.
