BP's new name at top as oil giant pivots from renewables
Supermajor appoints Albert Manifold as chair to replace Helge Lund, who oversaw out-of-favour green strategy
BP has named its new board chair as the oil giant shifts back towards its core oil and gas business and away from renewables.
The UK-based supermajor named Albert Manifold, former CEO of construction materials group CRH, as successor to Helge Lund from 1 October.
Lund’s departure as chair was announced in April in a move analysts said aimed to appease disgruntled investors keen to accelerate BP’s pivot away from a green strategy they believe has undermined shareholder value.
BP independent director Amanda Blanc, who led the hunt for Lund’s replacement, said of Manifold: “His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter.
“Albert has a relentless focus on performance which is well suited to BP’s needs now and into the future. He transformed and refocused CRH into a global leader by building on its rich heritage to deliver superior growth, cash generation and returns.”
Manifold led CRH for ten years until December 2024 and is also a non-executive director at chemicals giant LyondellBasell and consultancy Mercury Engineering.
The “next chapter” referred to by Blanc will see BP move further away from the renewables-friendly strategy put in place under Lund by former CEO Bernard Looney.
Looney’s successor as CEO Murray Auchincloss has also been flagged as a potential casualty if activist investors believe BP isn’t moving fast enough.
The company’s offshore wind assets, built up under Looney, have already been put into a new joint venture with Japan’s Jera.
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