BP PLC (NYSE:BP) has named Albert Manifold as its next chairman, set to take over from Helge Lund on October 1, as the oil giant refocuses on its core fossil fuel business amid investor pressure.
Manifold, who previously served as CEO of CRH, the building materials group (NYSE:CRH), will officially join BP’s board as a non-executive director and chair-elect on September 1. Helge Lund will step down from both chairman and board roles at the start of October.
Following the announcement, BP’s shares edged up by 0.2% in early London trading.
This appointment marks a clear shift for BP, signaling a pullback from the green energy ambitions strongly promoted by Lund and former CEO Bernard Looney. Lund had indicated he might resign “likely” in 2026 but faced significant investor opposition, reflected in his reduced support during re-election. His leadership was challenged by activist investors including Elliott Management and environmental groups.
During his more than ten years at CRH, Manifold led major portfolio changes and guided the company’s move to list primarily on the New York Stock Exchange last year.
“(Manifold’s) impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter,” commented Amanda Blanc, BP’s senior independent director who managed the succession process.
In other news, speculation around a potential BP takeover has continued. The Wall Street Journal recently reported that Shell had engaged in talks about acquiring BP. However, Shell denied making any offer or actively pursuing a deal. UK takeover rules mean Shell’s clear denial blocks it from launching a formal bid for six months.
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