The man tasked with steering the BP board through one of the worst disasters in corporate history will step down from his role as chairman after seven years.

Carl-Henric Svanberg took to the helm in early 2010, just three months before the Deepwater Horizon oil spill in the Gulf of Mexico plunged the FTSE 100 giant into a multi-billion dollar crisis. He went on to steer the supermajor through one of the most devastating oil market downturns in history.

Bob Dudley, BP’s chief executive, said the oil company’s “comeback” would not have been possible without Mr Svanberg’s “strong leadership and steadfast support”.

“Together we were able to honour our commitments to the Gulf while rebuilding BP into a safer, stronger company. We devised a strategy to weather the downturn in the oil market while returning to growth,” Mr Dudley said.

BP said he will chair the annual general meeting set for May 2018 and will remain in position until a successor is chosen by Ian Davis, the BP board's senior independent director.