Image: Devon Energy
(Bloomberg) – bp Plc appointed oil industry veteran Dave Hager to the board, bolstering its efforts to refocus on fossil fuels and keep investors on side.
Hager has been in the sector for more than 40 years, recently leading U.S. shale producer Devon Energy Corp. as chief executive and then executive chairman.
He’ll bring oil and gas expertise to a board that currently features little of it. His appointment follows a pledge by CEO Murray Auchincloss to pivot back to bp’s core business following years of underperformance, which stemmed in large part from the net zero strategy championed by his predecessor.
Hager “brings deep-rooted knowledge of the U.S. upstream oil and gas industry,” Chairman Helge Lund said Friday in a statement. “His strategic focus combined with his experience in driving operational results and capital efficiency will be an asset to the board.”
Lund himself announced plans to step down in April, having been closely aligned with BP’s failed low-carbon strategy. The decision came amid intense pressure for change from investors including activist Elliott Investment Management.
