BP Appoints CRH's Albert Manifold as New Chairman Amid Strategic Overhaul

BP has appointed Albert Manifold, former CEO of CRH, as its new chairman. Manifold, with no prior experience in the energy sector, will succeed Helge Lund in October. He is known for significantly increasing shareholder value during his tenure at CRH. BP is undergoing a strategic overhaul amid weak stock performance and speculation about potential acquisitions and splits. BP shares rose 0.5% in early London trading.

BP PLC (LON:BP) (NYSE:BP) has appointed Albert Manifold as its new chairman, succeeding Helge Lund, who will step down on October 1. Manifold, the former CEO of building materials group CRH (NYSE:CRH), will join the board on September 1 as a nonexecutive director and chair-elect. The appointment comes as BP undergoes a strategic shift back toward oil and gas under investor pressure [1].

Manifold led CRH for over a decade, overseeing significant shareholder value creation and a move of its primary listing to New York. He is expected to bring a similar focus on value creation to BP. "Manifold’s impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter," said Amanda Blanc, BP’s senior independent director [1].

The appointment follows a broader pivot in BP’s direction, with the company scaling back its green ambitions—a strategy Lund had championed alongside former CEO Bernard Looney. Lund’s re-election in April faced significantly lower shareholder support, amid criticism from activist investor Elliott Management and environmental advocates [1].

BP shares rose 0.5% in early London trading following the announcement, indicating market approval of the change in leadership. The appointment comes amid ongoing speculation about potential acquisitions and splits. Last month, the Wall Street Journal reported that Shell had been engaged in talks to acquire BP, but Shell issued a firm denial, stating it had not made an offer and was not actively pursuing such a deal [1].

References:
[1] https://finance.yahoo.com/news/bp-names-former-crh-chief-074814033.html