BP Chairman Carl-Henric Svanberg has informed the oil company's board of his intention to retire, it said on Thursday.
Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post, the company said in a statement.
The board's senior independent director Ian Davis will lead the process to identify and appoint BP's next chairman, it added.
Reporting by Justin George Varghese in Bengaluru
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