BP Plc has chosen Albert Manifold, the former chief executive of building-materials producer CRH, as its next chair, replacing Helge Lund. Manifold will join the board as a non-executive director on 1 September and assume the chairmanship on 1 October, when Lund departs after six years in the role. The Irish executive led CRH for 11 years, overseeing a near fivefold rise in its share price and the company’s 2023 decision to switch its primary listing to New York. BP directors said his record on portfolio reshaping, cost control and capital allocation made him “the ideal candidate” to steer the UK oil major through its next phase. Manifold arrives as BP is cutting planned renewables spending and refocusing on oil and gas to improve a share price that has fallen about 30 % since 2019. Activist investor Elliott Investment Management, which disclosed a stake of more than 5 % in April, is pressing for deeper cost cuts, divestments and higher cash returns. BP shares rose 0.6 % to 402 pence after the appointment was announced.
Elliott, which is one of BP's largest shareholders, wants the energy giant’s incoming chairman to urgently improve the firm’s cost base and capital allocation, citing a weak turnaround plan https://t.co/LUXlq3T1nA
Elliott is ramping up pressure on BP $BP, calling for urgent action from incoming Chairman Albert Manifold, who takes over in October. With a stake over 5%, the activist is pushing for sharper cost cuts and board changes to address underperformance.
Activist investor Elliott calls on BP’s new chairman to address the company’s “cost base, capital allocation and poorly received turnaround plan.” “The company requires decisive and effective leadership to overcome its chronic operational under-performance.” https://t.co/y4lnskXDPk