BP has named Albert Manifold, former chief executive of Irish building materials giant CRH, as its new chairman, as the British energy major seeks to address investor unease over its strategy and lagging share price.
Manifold, who will take over from outgoing chair Helge Lund in October, has no prior experience in the energy sector but is credited with a near fivefold increase in CRH’s share value during his 11-year tenure at the company. His appointment was announced on Monday.
Amanda Blanc, BP’s senior independent director who led the search process, said: “Albert’s impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter.”
At CRH, Manifold led a significant reshaping of the firm’s portfolio and oversaw its move to a primary listing in New York in 2023.
BP shares rose 0.5% to 402.05 pence in early trading following the announcement.
The leadership change comes as BP faces mounting pressure from investors amid uncertainty over its strategic direction. The company has struggled to convince markets of the value of its transition toward renewable energy, with some analysts and investors calling for a breakup or change in direction.
Outgoing chairman Helge Lund, who has held the role since 2019, has been criticised for backing former CEO Bernard Looney’s accelerated push into green energy. Looney resigned in 2023 over failures to fully disclose past relationships with colleagues.
Lund, 62, was re-elected at BP’s annual meeting in April but with significantly reduced shareholder support, following pressure from activist investor Elliott Management and disapproval from some climate-focused investors. BP has previously said Lund is likely to leave the company in 2026.
Other potential candidates reportedly considered for the chairmanship included Sam Laidlaw, former CEO of Centrica, and Ken MacKenzie, retired chairman of mining group BHP.
