BP has named Albert Manifold, the former CEO of Irish building materials giant CRH, as its new chairman. The appointment of the energy outsider comes as the British oil major seeks to reset its strategy and restore investor confidence following years of underperformance.
Manifold will officially succeed Helge Lund in October, stepping into the role at a time when BP is reducing its focus on renewables and fending off speculation around potential breakups or takeovers.
During his 11-year tenure at CRH, Manifold oversaw a nearly fivefold rise in the company’s share price and a strategic shift that included moving its primary listing to New York. That track record, according to BP’s senior independent director Amanda Blanc, made him the “ideal candidate” to lead the next chapter in the company’s transformation.
“Manifold’s experience should serve him and BP well as they are embarking on a similar journey,” said Morningstar analyst Allen Good. “The question with BP is what the destination is and whether investors are willing to wait.” Good noted that Manifold may be called upon to push for deeper cost cuts.
Lund, who has served as chairman since 2019, faced mounting criticism over his support for former CEO Bernard Looney’s push into renewables — a strategy that many investors believe failed to deliver returns. At BP’s annual general meeting in April, shareholder support for Lund’s re-election dropped sharply.
BP’s shares edged up 0.6% to 402 pence following the announcement. The stock has declined nearly 30% since Lund took the helm, significantly underperforming peers.
Pressure from activist investors has been mounting. Elliott Investment Management, which now owns more than 5% of BP, has urged the company to cut costs, sell non-core assets, and refocus on oil and gas.
JPMorgan analysts said the appointment of Manifold — despite his lack of energy sector experience — is likely to be “quietly welcomed,” citing his strong reputation in industrial leadership.
Manifold wasn’t the only candidate considered. Former Centrica CEO Sam Laidlaw and ex-BHP chair Ken MacKenzie were also reportedly approached for the role.
Current CEO Murray Auchincloss, who took over in January 2024, is already leading a major strategic overhaul. Manifold’s arrival is expected to accelerate that shift.
Meanwhile, oil markets were largely steady to start the week as traders weighed new European sanctions on Russian crude.