Helge Lund

Helge Lund
Born (1962-10-16) 16 October 1962 (age 62)
Oslo, Norway
EducationNorwegian School of Economics (MA)
INSEAD (MBA)
OccupationBusinessman
TitleChairman, BP and Novo Nordisk
Director, Schlumberger
SpouseElse-Cathrine Lund
Children2
13th Chairman of British Petroleum
Incumbent
Assumed office
2019
Preceded byCarl-Henric Svanberg

Helge Lund (born 16 October 1962) is a Norwegian businessman who has been chairman of BP since January 2019, and chairman of the Danish healthcare company Novo Nordisk since 2018.[1] He is the former chief executive officer (CEO) of BG Group, Statoil and Aker Kværner,[2] and was a director of Schlumberger from June 2016 to April 2018.

Early life

Lund was born in Oslo, Norway, in 1962. He graduated with a Master of Arts in business management at the Norwegian School of Economics in Bergen in 1987. He has a Master of Business Administration (MBA) from the INSEAD business school in France.[3]

Career

He started his career as a management consultant for McKinsey & Company and as political adviser for the Conservative Party in the Norwegian parliament Stortinget, before starting work for Hafslund Nycomed in 1993. In 1997-8 he was vice president in Nycomed Pharma before starting work in Aker RGI in 1999 as vice president before becoming CEO for Aker Kværner in 2002. After Olav Fjell withdrew as CEO of Statoil in 2004, Lund took over and was retained after Statoil merged with the oil & gas division of Norsk Hydro in 2007 to create StatoilHydro.

On 15 October 2014, Lund resigned as CEO for Statoil with immediate effect,[4] to join the management team of the UK's BG Group as CEO from 9 February 2015.[5]

On 1 December 2014, in response to pressure from shareholders, BG Group reduced a £12 million share award golden hello for Lund to between £4.7 million to £10.6 million, depending on the company's future performance. His basic salary will be £1.5 million, but with bonuses, total compensation could reach £14 million per annum.[6][7]

Following the takeover of BG Group by Royal Dutch Shell, Lund was out of a job, but did receive a total of £5.5 million for his 11 months work, and £9.7 million in shares in February 2016, as a result of the takeover.[8]

In June 2016, Lund was appointed to the board of directors of Schlumberger.[9][10] On 26 April 2018, it was announced by BP[11] that he would join their board on the 1 September 2018 and succeed Carl-Henric Svanberg as chairman with effect from 1 January 2019.

Analysts and share holders have become critical of Helge Lund’s oversight. Many believe that the board’s mismanagement of Looney's appointment and its failure to anticipate challenges to its net-zero strategy have damaged BP's credibility.[12]

In September 2023, Lund participated in a celebration in Azerbaijan related to the centenary of the birth of Heydar Aliyev, a former KGB officer who established an authoritarian regime in Azerbaijan after its independence from the Soviet Union.[13] A press release from BP said that Lund was there to "pay tribute" to Aliyev's "exceptional contributions to the development of Azerbaijan and the entire region."[13] BP is the largest foreign investor in Azerbaijan.[13]

Personal life

He is married to Else-Cathrine Lund.[14] They have a daughter and a son.[3]

References

  1. ^ Hopland, Sindre; Wig, Karl; Moe, Sigrid; Og; Hovland, Kjetil Malkenes. "Helge Lund blir styreleder i BP". E24 (in Norwegian Bokmål). Retrieved 2019-06-04.
  2. ^ Helge Lund in Store norske leksikon (in Norwegian)
  3. ^ a b Chazan, Guy (29 July 2012). "Norway's force in the oil world". Financial Times.
  4. ^ "Lund blir toppsjef i britiske BG" [Lund to join top management team of British BG]. dn.no. Dagens Næringsliv. 15 October 2014. Retrieved 15 October 2014.
  5. ^ "Helge Lund starts as BG Group Chief Executive". bg-group.com. BG Group. Retrieved 19 February 2015.
  6. ^ Williams, Selina (1 December 2014). "BG Group Reduces Helge Lund's CEO Pay Package". WSJ. Retrieved 3 April 2015.
  7. ^ Rankin, Jennifer (1 December 2014). "BG Group cuts Helge Lund's 'golden hello' after shareholder pressure". The Guardian. Retrieved 3 April 2015.
  8. ^ Jill Treanor. "BG chief paid £5.5m for nine-month stint at firm | Business". The Guardian. Retrieved 2016-07-16.
  9. ^ Williams, Selina (2016-06-09). "Schlumberger Appoints Former BG, Statoil Boss to Board". WSJ.com. Retrieved 2016-07-16.
  10. ^ "Schlumberger Says Helge Lund Joins As Director, Not CEO | Exploration & Production". Epmag.com. 2016-06-10. Retrieved 2016-07-16.
  11. ^ "News and insights | Home".
  12. ^ Shah, Oliver (2023-12-17). "BP's chairman is sliding away on a slick of poor decisions". The Times. Retrieved 2024-12-01.
  13. ^ a b c Geoghegan, Peter (2024-11-07). "Peter Geoghegan · Short Cuts: BP in Azerbaijan". London Review of Books. Vol. 46, no. 21. ISSN 0260-9592.
  14. ^ Bjørheim, Camilla (21 August 2010). "Helge Lund uncertain about Statoil's green future". Aftenbladet. Retrieved 3 April 2015.

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