After Olav Fjell withdrew as CEO of Statoil in 2004, Lund took over his position and retained after Statoil merged with the oil & gas division of Norsk Hydro in 2007 to create StatoilHydro.
In 2002 has hired by Jens Ulltveit-Moe as chief executive officer of Petroleum Geo-Services, a position he held until 1 April 2008 when he replaced Marit Arnstad as chairman of StatoilHydro.