BP Chairman Carl-Henric Svanberg to Retire
October 19 2017 - 12:37PM
Dow Jones News
By Sarah Kent
LONDON -- BP PLC said Thursday the company's longstanding
chairman Carl-Henric Svanberg is set to retire, launching a search
for his replacement.
The Swedish businessman became chairman in January 2010, just
months before a fatal blowout in the Gulf of Mexico propelled the
company into the worst corporate crisis its history.
Mr. Svanberg became an important public face for the company and
played a crucial role in seeing it through the aftermath.
"BP's comeback would not have been possible without the strong
leadership and steadfast support of Carl-Henric," CEO Bob Dudley
said in the company's retirement announcement.
Mr. Svanberg will be leaving the company as it returns to growth
after years of retrenchment following the Gulf of Mexico disaster
and a dramatic slump in oil prices since 2014.
"Today I can say with confidence that BP is back and ready for
the future," he said in the retirement notice.
Mr. Svanberg joined BP after serving as CEO of telecom equipment
maker Ericsson AB. He still chairs the board of Volvo AB.
Mr. Svanberg will chair the company's annual general meeting in
May 2018 and will remain in position until a successor is found, BP
said.
Write to Sarah Kent at sarah.kent@wsj.com
(END) Dow Jones Newswires
October 19, 2017 12:22 ET (16:22 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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