Chairing BP Is the Thankless Job No One Wants

It should be one of the most coveted jobs in the City of London: chairing the board of directors of oil company BP Plc. Finding a candidate, though, is proving tricky; the list of people who aren’t interested keeps growing. This lack of interest reflects how challenging the gig is.

BP is looking for a new chair after Helge Lund, the current holder, announced in April his intention to step down “most likely during 2026.” Two weeks later, shareholders made clear that the sooner he departs, the better, with more than 24% voting against him — the biggest protest vote against a FTSE 100 chair in five years.

An honest description of the role should read something like this:

“Leading the board, the successful candidate must end years of underperformance; our share price is down nearly 12% over the last decade compared with double-digit gains for our rivals. We’re looking to improve our talent management after a string of questionable executive appointments. The chair will have to navigate a civil war among our shareholders: For some, BP lost its way by going green, while for others, we’re not green enough. You should be comfortable overseeing debt — we have a mountain of it — and with improving safety, as our track record is patchy. We anticipate the chair will preside over a meaningful reduction in the workforce.”