BP has appointed Albert Manifold, the former chief executive of building materials company CRH, as its next chair as the energy group shifts its focus back to oil and gas. Manifold will join the board on 1 September as a non-executive director and chair-elect, and will take over from Helge Lund on 1 October.
The change at the top comes as BP abandons its net zero strategy and cuts back on green spending, after a failed attempt to reinvent itself as an integrated energy company. Lund, who has been chair since 2019, announced in April that he would step down amid an investor rebellion over BP’s poorly performing share price.
Manifold led CRH for a decade until the end of 2024, overseeing its primary listing move from London to New York in 2023. Amanda Blanc, BP’s senior independent director who led the search, praised his “impressive track record of shareholder value creation”. Manifold received a $13m package from CRH last year.
BP has been selling assets and scaling back its green portfolio, including agreeing to sell its US onshore wind business last week. The activist hedge fund Elliott Management has built a multibillion-pound stake in the company. BP’s shares have fallen more than 10% in the past year, prompting speculation it could become a takeover target, though rival Shell has denied any intention to make an offer.
