London, July 21 (BV7N) – British energy giant BP has appointed Albert Manifold, former CEO of construction materials company CRH, as its next chairman. The move comes as BP seeks to reset its strategy and restore investor confidence following years of underperformance and leadership missteps.
 
Manifold, who has no prior senior experience in the energy sector, will take over from current chairman Helge Lund in October. His appointment signals BP’s intent to take a more disciplined, business-focused approach as it pulls back from its earlier, aggressive push into renewable energy.
 
During Manifold’s 11-year leadership at CRH, the Irish firm’s stock rose nearly fivefold. He oversaw a major portfolio transformation and shifted CRH’s primary stock listing to New York in 2023. Industry analysts suggest that his track record of executing strategic change and delivering shareholder value aligns with BP’s current challenges.
 
"The market will be watching closely to see whether BP can define a clearer destination," said Allen Good, an analyst at Morningstar. "Manifold may have to push leadership for stronger cost discipline."
 
Senior independent director Amanda Blanc, who led the chairman search, said Manifold’s global experience and transformative leadership made him the “ideal candidate” for BP’s next chapter.
 
BP has faced mounting pressure from activist investor Elliott Management, which recently acquired more than a 5% stake in the company. Elliott has been pushing for asset sales, budget cuts, and a pivot back to BP’s oil and gas core. The pressure contributed to a sharp drop in support for Lund during BP’s April annual general meeting, where his renewable-heavy strategy was widely criticized.
 
BP’s stock has fallen nearly 30% since Lund took over as chairman in 2019, significantly underperforming its energy-sector peers. The modest 0.6% share rise to 402 pence on Monday reflects cautious investor optimism following the leadership change.
 
CEO Murray Auchincloss, who assumed leadership in January 2024, is currently leading a broader strategic overhaul aimed at refocusing the company’s priorities on shareholder value and operational efficiency.
 
Other names reportedly considered for the chairmanship included former Centrica CEO Sam Laidlaw and ex-BHP chair Ken MacKenzie.
 
Despite Manifold’s lack of oil and gas experience, analysts at JPMorgan described his appointment as "quietly welcomed," adding that his credibility and operational track record at CRH make him a well-respected pick.
 
The transition reflects BP’s deeper shift back toward traditional energy sources amid mounting investor demands and uncertain returns from green investments.
 
News Source: Reuters..........
 
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