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Https://www.ft.com/content/8c558b8c-fde8-433a-b413-5d50f951289c
Meoryou, a very good, but damning read.
"In the aftermath of Looney’s departure, chair Helge Lund favoured an internal hire, but 10 weeks later no preferred candidate has emerged, according to people with knowledge of the process."
Hopefully large shareholders are pushing back including evaluating the appropriateness of each board member.
Otherwise, it is just money for nothing!!
Dr P
The only plus side is if it gets fixed the sp will jump.
Looking more likely to be an external candidate.
With all that’s going on maybe £4.75 is actually a remarkably good price.
There must be a huge up side, and the possibility of Shell stepping in can never have been larger.
Dr Patients, Meoryou.
"In the aftermath of Looney’s departure, chair Helge Lund favoured an internal hire, but 10 weeks later no preferred candidate has emerged, according to people with knowledge of the process."
So this can confirm that the entire BOD including the Chairman were only looking for a Looney Clone to carry on with his ruinous "Green Policies" from within BP. But did we not have BP employee from America who put himself forward, then resigned when his application was rejected without consideration. Was it that the BOD considered this employee was too Oil and Gas focused. I hope the employment agency engaged by the BOD is not "Green Biased" and will welcome applications who are not necessarily wedded to "Net Zero" policy's. The application process must be made public after an appointment is made to ensue that it is open to scrutiny.
Trying to read the tea leaves from it all.
Think there have been a few leaks from the board, which suggests that there are people there,who share some of the concerns voiced here.
To use the line from a song
“ Things can only get better”
Egon Zehnder will be under the radar, confidental stuff. Very very expensive, but probably the best you can get.
Unlikely small guys and gals like us will ever see a job spec or get any info on the process. That's fair enough, but I have no faith in the board as a whole; some members are probably alright.
I am really struggling with the invisible, weak chairman and effectively having a non-exec undermine BP bidding for further NS licences when you at the same time have around 20 million households in UK heated by natural gas. This is a national security issue. Full stop. Sackable offense in my world.
"Aviva has slammed the government’s decision to expand oil..." City AM
A strong chairman has always been essential.
His job description is to challenge everything, and keep the CEO from going native,and forgetting where his responsibility lie( to the shareholders)
It's not just Aviva, the political class, the people running the pension funds and the biggest shareholders have boards full of people who think it's their duty to achieve the UK's net zero goals. These people have already made their money, are at retirement age and have already lived the high life flying all over the world.
They are hiding behind the excuse they're acting for 'stakeholders' in reducing CO2 emissions rather than make decisions that are the most profitable for shareholders. This current mode of thinking results in the belief they know what's best for everyone; the shareholders or general population are too ignorant to make the 'right' choices.
If BP is to recruit a CEO who is pro-oil and pro-profit they will be going against the tide of UK political thinking. It is a very big ask and I don't see the board doing the difficult thing, in fact the board would need to be replaced for it to happen as they are fully committed to net zero themselves.
Regarding the chances of a takeover from the US, if a company tries it there will be huge resistance from many places that would result in it being very noisy, messy and negative with a large chance of failure. Because of this other companies are going to be very wary.
I didn't mean for this post to be negative, just factual as I see it but reading it back it is not exactly positive for those wanting an 'oil man' or a takeover.
Planit
To balance your message which isn’t very negative,but merely realistic.
If we are even talking about the possibly of people bidding,it’s an indication that there is still value there to unlock.
That’s very positive.
Also
If US firms stay away because of politics.
That still leaves Shell.
I know they would have political considerations in Netherlands as it would make them even more a UK company.
I don’t think it will happen,but the longer it takes to replace CEO, the more chance there is of it becoming self fulfilling.
At some price it really is a no brainer