BP Names CRH's Albert Manifold as New Chairman Amid Turnaround Push

BP (BP, Financials) said Monday it has appointed Albert Manifold as its next chairman, tapping the former CRH (CRH, Financials) chief to help navigate a strategic shift and rebuild shareholder trust following criticism of its renewables pivot.

Manifold, who led CRH for 11 years and oversaw a fivefold increase in its share price, will replace Helge Lund in October. Though new to the energy sector, Manifold is seen as a capable turnaround executive with experience in portfolio restructuring and cost discipline.

The move comes after BP backed away from aggressive renewables investments and faced pressure from activist investor Elliott Investment Management, which has taken a more than 5% stake and pushed for renewed focus on oil and gas, asset sales, and cost cuts.

Senior Independent Director Amanda Blanc, who oversaw the chairman search, said Manifold was chosen for his strong track record in corporate transformation. JPMorgan analysts said the appointment is likely to be quietly welcomed, despite Manifold's lack of oil and gas credentials.

BP shares edged up 0.6% Monday to 402 pence. The stock has fallen nearly 30% since 2019, when Lund took over as chairman. He had been expected to step down in 2026, but mounting investor dissatisfaction accelerated the timeline after his support dropped sharply in April's shareholder vote.

The company is in the midst of a broader overhaul under CEO Murray Auchincloss, who took the helm in January 2024. Other candidates reportedly considered for the chairman role included Sam Laidlaw, former CEO of Centrica, and Ken MacKenzie, former chair of BHP (BHP, Financials).