Albert Manifold, former chief executive of multinational building materials provider CRH, will take over from Helge Lund as BP PLC chair from October 1, the British energy giant said Monday.
Manifold will initially join BP on September 1 as a non-executive director and chair-elect. He was picked after a “rigorous and comprehensive global search”, BP senior independent director Amanda Blanc said in a statement online.
“His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee bp’s next chapter”, Blanc added.
“Albert has a relentless focus on performance which is well suited to bp’s needs now and into the future. He transformed and refocused CRH into a global leader by building on its rich heritage to deliver superior growth, cash generation and returns”.
Manifold was chief executive of CRH from January 2014 to December 2024. He is also a non-executive director at global chemicals producer LyondellBasell and a non-executive director at consultancy Mercury Engineering.
Manifold, who holds master’s degrees in Business Administration and Business Studies from Dublin City University, remains a special adviser to CRH’s board. He is also an adviser at Clayton Dubilier & Rice.
“It is an honor to be appointed chair of one of the world’s great energy companies, and to have the opportunity to help the company reach its full potential”, Manifold said. “bp has a vital role to play in addressing the world’s growing energy needs.
“I look forward to working with the bp board, Murray [Chief Executive Officer Murray Auchincloss] and the leadership team to accelerate delivery of bp’s strategy and drive compelling and sustainable shareholder value creation”.
Lund, whose resignation was announced by BP in April, will step down as chair and director October 1.
Blanc said, “On behalf of the company, I would also like to thank Helge for his leadership and dedicated service to bp throughout the past seven years. His contribution through a period of immense change has been invaluable”.
Bloomberg had reported Lund’s decision to step down followed pressure from Elliot Investment Management LP, which Bloomberg said built up a 5 percent stake in BP with the aim of pushing for change.
“The pressure only increased after Chief Executive Officer Murray Auchincloss’s strategy ‘reset’ fell short of what the activist investor had wanted”, Bloomberg wrote April 4.
On February 26 BP announced a strategy “reset” that involves raising investment in oil and gas, lowering investment in the energy transition and cutting costs.
BP now expects to grow oil and gas investment to about $10 billion a year while cutting transition investment to $1.5-2 billion per annum, lower by around $5 billion per annum than the previous guidance. The new strategy targets to raise fossil fuel production to 2.3-2.5 million barrels of oil equivalent a day in 2030, with plans for further growth through 2035.
Lund’s resignation follows that of Bernard Looney, whom Auchincloss replaced as chief executive last year following an investigation into Looney’s personal relationships with colleagues. BP confirmed Auchincloss as chief executive January 17, 2024.
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