BP on Friday said chairman Helge Lund will step down after a major reset at the British energy giant that saw it recently shelve carbon-reduction targets to focus on fossil fuel output. BP in February launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

BP on Friday said chairman Helge Lund will step down after a major reset at the British energy giant that saw it recently shelve carbon-reduction targets to focus on fossil fuel output. BP in February launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.

Shares of BP, which has been under pressure from activist investor Elliott Investment Management, plunged Friday after the energy giant said chair Helge Lund is stepping down.

April 4 (UPI) -- BP announced Friday that Chair Helge Lund is being replaced after he notified the company's board that he would step down in 2026.