BP appoints Albert Manifold chairman amid restructured strategy

BP announced Albert Manifold as its new Chairman on Monday. The company is looking to address investor concerns over its strategy and poor share performance. Manifold has never held a senior role in the energy industry before. He will replace Helge Lind from October, as BP embarks on a major strategic overhaul under persistent takeover or breakup speculation. During Manifold's tenure at CRH its shares nearly fivefolded. Amanda Blanc, BP’s senior independent director who led the process of succession on behalf of the Board, said: "His impressive track record in creating shareholder value at CRH demonstrates he's the ideal candidate for BP's future chapter."

During his 11-year tenure as CEO of CRH the Irish company reshaped their portfolio by buying assets and moving its primary listing from New York to 2023.

BP shares rose 0.5% in London's early trading to 402.05pence.

Lund, a Norwegian who is BP's Chair since 2019, lost the trust of investors when he backed Bernard Looney, former CEO, in his ill-fated venture into renewables. In April, he was reelected with a sharply reduced vote after being under pressure by activist investor Elliott Management as well as criticism from climate-focused investors. BP announced in April that Lund plans to leave the company "likely" by 2026. Sam Laidlaw was the former CEO of British Gas, Centrica, and Ken MacKenzie retired chairman of mining company BHP were also approached to succeed Lund.

(source: Reuters)