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Sam Laidlaw, the former chief executive of Centrica, is out of the running to be the next chair of oil major BP.
Laidlaw, who stepped down as chief of the British Gas owner in 2014, has told associates he withdrew from the process as he thinks BP will either be sold to a rival or will require painful restructuring.
He questioned whether the current management of BP — whose share price has fallen more than 22 per cent in the past 12 months, underperforming peers — has the appetite for such reform, a person familiar with his thinking told the Financial Times.
BP has been searching for a new chair since April, when Helge Lund announced he would step down “most likely during 2026.” Amanda Blanc, BP’s senior independent director, said at the company’s annual general meeting in April that the process was “proceeding at pace”.
The company said on Thursday: “Our search to name a new chair — led by Amanda Blanc — is moving at pace and we have high-quality individuals in the process. It would be inappropriate to give a running commentary. As Amanda said at our AGM, we recognise that it is in everyone’s interest that an appointment is as swift as possible, without compromising the rigour of the process.”
A person close to the process said: “Sam was informed in recent days that he was no longer being considered for the role.”
BP is in the latter stages of making its selection, one person familiar with the matter added, and is assessing a short list of candidates.
Rival group Shell said on Thursday that it had “no intention” of making an offer for BP after months of speculation, and denied that it had held any talks over a deal to combine the UK’s two biggest oil companies.
Laidlaw, 69, was reported on Saturday to be a candidate for the chair position by Sky News, which also said that Ken MacKenzie, the former chair of mining company BHP, had been approached about the role.
A person close to MacKenzie, who is chair of Melbourne Business School, confirmed that he had been asked about the job but said he was not at present seeking a role at another large multinational company.
Mark Cutifani, former chief executive of mining group Anglo American, said on Wednesday that he had no interest in becoming chair of BP when he steps down as chair of Vale Base Metals in July.
Additional reporting by Nic Fildes and Leslie Hook