BP's New Chairman, Albert Manifold, Faces the Challenge of Restoring Shareholder Faith

BP appoints Albert Manifold, former CEO of Irish building materials giant CRH, as new chairman. Manifold's appointment sparked a muted response from investors, with shares barely budging. Despite skepticism over his lack of oil and gas experience, Manifold's credentials speak volumes, with CRH shares tripling under his leadership. He faces a daunting challenge to bring strategic clarity and restore shareholder faith as BP pivots back to oil and gas.

BP has appointed Albert Manifold, the former CEO of Irish building materials giant CRH, as its new chairman. The appointment, announced on Monday, comes amid persistent investor concerns about the company's strategy and weak share performance. Manifold will succeed Helge Lund, who has been the company's chair since 2019, and will join the board on September 1, 2025 [1].

Manifold's appointment sparked a muted response from investors, with BP's shares rising only 0.5% to 402.05 pence in early London trading. Despite skepticism over his lack of experience in the oil and gas sector, Manifold's track record at CRH is impressive. Under his leadership, CRH's shares soared nearly fivefold, and the company reshaped its portfolio by buying and selling assets and moved its primary listing to New York in 2023 [1].

Amanda Blanc, BP's senior independent director, who led the succession process, praised Manifold's credentials. "His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP's next chapter," she said [1].

Manifold faces a daunting challenge as BP pivots back to oil and gas under investor pressure. The company aims to reduce net debt from $27 billion to $14–$18 billion by 2027 through a combination of cutting capital expenditure by $500 million, increasing oil and gas spending by $1.5 billion, and slashing low-carbon investments by $5 billion annually [4].

The appointment of Manifold signals a strategic shift for BP, with a renewed focus on core energy operations. However, the move also raises questions about the company's commitment to the energy transition and its long-term sustainability. Manifold's success will depend on his ability to balance the demands of shareholders with the broader environmental and regulatory challenges facing the energy sector.

References:
[1] https://english.aawsat.com/business/5166841-bp-appoints-albert-manifold-chairman-amid-strategy-revamp
[2] https://www.ainvest.com/news/bp-names-crh-ceo-albert-manifold-chairman-strategy-shift-2507/
[3] https://cyprusshippingnews.com/2025/07/24/albert-manifold-appointed-bp-plc-chair/
[4] https://www.ainvest.com/news/bp-strategic-turn-implications-energy-transition-shareholder-2507/