Elliott Investment Management, which holds over 5% of BP's shares, is pushing for sweeping changes at BP, including the ousting of Strategy Chief Giulia Chierchia. The investor argues Chierchia's leadership significantly shaped BP's pivot to renewables under previous CEO Bernard Looney, a direction Elliott now questions. These demands also involve restructuring BP's organization to separate upstream and downstream operations, aiming to boost accountability and operational focus.

In addition to leadership and structural changes, Elliott advocates for BP to divest from renewable energy projects. As noted by the Financial Times, the hedge fund believes refocusing on traditional oil and gas ventures will enhance the company’s financial performance. Elliott's proposal aligns with its standpoint that the costs associated with the energy transition hinder BP's growth. The investor is pushing for drastic cost reductions and divestments, emphasizing BP's need to reinforce its standing as an independent entity.

Elliott's strategy includes a potential boardroom overhaul, seeking to remove current chair Helge Lund and reset BP's strategic direction. According to The Guardian, this aggressive stance highlights Elliott’s commitment to transforming BP to drive shareholder value. BP's response to Elliott's substantial demands will be watched closely, as the hedge fund pressures for a strategy that leans heavily back towards traditional energy investments.