A few years after Peter Sutherland arrived at BP in May 1997, the company adopted the slogan “Beyond Petroleum”. Now, after a difficult search, it has gone beyond its chairman, too. Mr Sutherland was known for his large address book, forceful personality, sharp Irish tongue – and Europhilia. His successor, Carl-Henric Svanberg, chief executive of Ericsson, the telecoms company, is a Swede.

The appointment, which echoes that of former Nokia chief executive Jorma Ollila as chairman of Shell, continues the internationalisation of UK plc. Other than their technical backgrounds and fresh eye, that is where the two men’s Nordic similarities end. Mr Ollila can perhaps afford to keep a low profile at Shell; BP needs a firmer strategic grip. BP’s whopping 7 per cent dividend yield, 1.5 percentage points higher than the sector average, suggests investors believe not all is well, or sustainable.