BP’s chairman has resigned after an internal investigation uncovered a culture of bullying at the highest levels of the oil giant, sources confirm. The ousting of Helge Lund, who had held the position since 2019, comes after a series of complaints from senior executives about his aggressive management style. Documents obtained by this paper reveal that Lund’s behaviour included shouting matches with board members and demeaning comments to junior staff.
The City of London has reacted with alarm, with institutional investors demanding a root-and-branch reform of corporate governance at FTSE 100 companies. ‘This is not an isolated incident,’ said a senior fund manager who spoke on condition of anonymity. ‘We have seen a pattern of arrogance and unaccountability in boardrooms across the Square Mile.
The Lund case is the final straw.’ BP’s board has appointed a temporary replacement and pledged to implement a new code of conduct. But critics say the damage is done.
The company’s share price fell 2.3 per cent in early trading as news of the bullying claims broke. Lund, a Norwegian national, will step down with a severance package estimated at £1.
2 million. He has declined to comment. The scandal has reignited debate about the lack of diversity in corporate leadership.
‘When you have a homogeneous group of white men in their sixties, you get a toxic culture,’ said a governance expert. ‘The City needs to wake up and realise that bullying is not a sign of strength. It is a liability.
