Sam Laidlaw, the former CEO of Centrica, is among the contenders for the position of chairman at BP, the struggling oil and gas exploration titan.
According to Sky News, BP board members are considering Mr. Laidlaw as a potential successor to Helge Lund, who announced his resignation in April.
This search for a new chair comes as BP faces a £62bn crisis, with industry challengers looming and shareholders scrutinizing the pace of its strategic transformation.
Elliott Management, an activist investor, acquired a multi-billion-pound stake in BP earlier this year, urging CEO Murray Auchincloss to speed up spending reductions and abandon various renewable energy projects.
Mr. Lund’s departure follows a significant shareholder revolt, as nearly a quarter of them opposed his re-election at the annual meeting in April, a notably large protest given his resignation announcement had already been made.
Amanda Blanc, BP’s senior independent director and chief executive of Aviva, is reportedly moving swiftly to finalize the recruitment process.
Several high-profile candidates are reportedly in talks with headhunters assisting BP in the search.
Mr. Laidlaw would be a sensible choice, having revitalized Centrica, the parent company of British Gas, during his leadership, which concluded in 2014.
Since then, he enjoyed a long tenure on the board of Rio Tinto, which has been resisting activist demands to drop its London listing.
He also founded and later sold Neptune Energy, an oil firm acquired by Italy’s Eni for approximately £4bn in 2023.
Last December, Mr. Laidlaw took on the role of chairman at AWE, the governmental authority overseeing the UK’s nuclear arsenal.
He has strong familial ties to BP, as his father, Christopher Laidlaw, served as the company’s deputy chairman during a lengthy business career.
A close source indicated that Mr. Laidlaw had been considered for the chairmanship in the previous recruitment effort but declined due to his obligations with Neptune Energy.
The status of his involvement in BP’s current search remains uncertain as of Saturday.
Another candidate reportedly approached is Ken MacKenzie, the recently retired chairman of mining giant BHP.
Mr. MacKenzie led BHP during a time when Elliott was invested and is noted for maintaining a positive rapport with the investor.
BP’s shares have continued to decline over the past year, dropping nearly a fifth in value during that timeframe.
The drop in the company’s valuation has rekindled interest in potential takeover bids, with competitors like Shell and ExxonMobil reportedly examining possibilities in recent months.
However, there has been no formal response to such interest, indicating that any deal remains hypothetical for now.
BP is in a rush to divest from assets, including its Castrol lubricants division, which may fetch around $8bn.
This weekend, BP declined to comment, and Mr. Laidlaw could not be reached for his remarks.