BP appoints former CRH boss as chair
BP has appointed a successor for chair Helge Lund, who announced plans to step down in April amid growing shareholder pressure.
Albert Manifold, the former chief executive of building materials group CRH, will take over as chair of the oil major in October after a one-month stint as chair-elect.
Manifold led CRH for ten years until December last year, overseeing a share price rise of nearly 400 per cent. He also holds the position of non-executive director at LyondellBasell, a New York-listed chemicals producer.
“He has a strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation,” BP said in a statement to markets on Monday.
BP is in the midst of a major strategic turnaround as the oil giant seeks to quell investor disquiet over its underperforming share price.
The company announced plans in February to slash renewable energy investment and pivot back to oil and gas. It plans to increase funding for oil and gas projects by around 20 per cent to £7.9bn per year and last week agreed a deal to sell off its US onshore wind business.
Nearly a quarter of BP’s shareholders opposed Lund’s re-election at its annual general meeting in April.
Manifold ‘ideal’ for next chapter of BP
Dame Amanda Blanc, BP’s senior independent director who led the succession process, said Manifold’s “impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter.
“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.”
In a statement, Manifold said: “It is an honour 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. 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 and the leadership team to accelerate delivery of BP’s strategy and drive compelling and sustainable shareholder value creation.”