US EditionBP names Albert Manifold as new chair
UNITED KINGDOM, JUL 21 – Albert Manifold, former CRH CEO, will lead BP through a strategic reset amid shareholder pressure and a shift back to fossil fuels, with oil and gas investment rising to $10 billion annually.
- On September 1, Albert Manifold joins BP as non-executive director and chair-elect, succeeding Helge Lund and officially taking the chair on October 1.
- Mounting investor discontent led to BP's board succession, with nearly a quarter voting against Lund's re-election as BP pursues strategic transformation.
- Activist investor Elliott Management amassed over 5% of BP stock, demanding a pivot to oil and gas, leading BP to cut renewable energy spending by nearly three-quarters, reflecting calls for strategic shift.
- Following the appointment news, BP stock ticked higher, with shares rising 0.5% to 402.05 pence in early trade, earlier lifting 1% in morning sessions.
- As Manifold prepares to take the helm, BP faces the challenge of aligning investor demands with decarbonization targets, amid weaker second-quarter results and strategic shifts.
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BP Appoints New Chairman as Investors Push for Strategic Clarity
BP has appointed Albert Manifold as its new chairman, selecting the former CRH chief executive to lead the board at a time of heightened investor pressure and strategic uncertainty. Manifold will join BP as chair-elect on September 1 and take over from Helge Lund on October 1, the company said in a press release on Monday. The leadership transition follows a period of sustained criticism from shareholders frustrated by BP’s wavering energy trans…
·London, United Kingdom
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Coverage Details
Total News Sources50
Leaning Left5Leaning Right4Center14Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 22%
C 61%
R 17%
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