BP has appointed Albert Manifold as its new chairman, selecting the former CRH chief executive to lead the board at a time of heightened investor pressure and strategic uncertainty. Manifold will join BP as chair-elect on September 1 and take over from Helge Lund on October 1, the company said in a press release on Monday.
The leadership transition follows a period of sustained criticism from shareholders frustrated by BP’s wavering energy transition roadmap and perceived underperformance relative to rivals. Manifold, 62, brings a track record of reshaping large industrial firms. During his decade at CRH, he doubled the group’s market capitalization and relocated its primary listing to New York—a move some see as a potential signal of where BP could be heading.
Amanda Blanc, senior independent director at BP, said Manifold was chosen for his “strong track record of delivering performance and transformation.” For his part, Manifold said he looked forward to accelerating BP’s strategy in a period of “significant change.”
The board reshuffle comes as BP braces for weaker second-quarter results. On Friday, the company warned that lower oil prices and refining margins would significantly dent quarterly profit, particularly in its gas marketing and trading division. The update cited lower realized prices for both oil and gas as a key drag on earnings, with full results due July 30.
Meanwhile, speculation continues that BP could face renewed pressure from activist investors, including Elliott Management, which has reportedly built a significant stake. As reported by the Financial Times, Elliott’s involvement has intensified calls for BP to re-focus on core oil and gas operations after mixed progress on renewables.
As Manifold prepares to take the helm, the company faces the complex task of aligning investor demands for higher returns with long-term decarbonization targets—without further eroding credibility on either front.
By Charles Kennedy for Oilprice.com
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