The intervention comes after BP has stumbled through a series of missteps over the past 15 years, from the Deepwater Horizon disaster to former CEO Bernard Looney’s sudden dismissal for his personal conduct.
BP’s dramatic under-performance compared with other oil majors has reached a crunch point — a looming showdown with one of the world’s most aggressive activist investors.
Elliott Investment Management, led by Paul Singer, has built a significant stake in the British energy giant, typically the first step in a playbook it has deployed to successfully push for change at many other big public companies. Over the years, the fund’s efforts have led to strategy shifts, CEO departures and even corporate breakups.
