BP Appoints Albert Manifold Chairman to Succeed Helge Lund

BP has appointed Albert Manifold as its new chairman, replacing Helge Lund, who is stepping down amid mounting investor pressure and dissatisfaction with the company's strategic direction. Manifold, formerly CEO of building materials company CRH, will join BP's board as a non-executive director on September 1 and assume the chairmanship on October 1. His leadership at CRH was marked by strategic portfolio reshaping, strong growth, and operational efficiency, qualities BP aims to leverage as it reduces its commitment to renewables and shifts focus back to fossil fuels under investor demands. The change follows a period of declining profits for BP and criticism from activist investor Elliott Management and climate-focused shareholders. BP's senior independent director, Dame Amanda Blanc, praised Manifold's performance-driven approach as well suited to BP's current needs. Lund, who had been chairman for nearly seven years, faced reduced shareholder support before deciding to leave earlier than initially expected.