BP appoints new chairman after energy strategy reset
Albert Manifold will be the new chairman of BP.
Image: File.
BP on Monday named Albert Manifold as its new chairman, replacing Helge Lund, as the British energy giant undergoes a major strategy shift back to its fossil fuel business.
Manifold, who was chief executive of building materials group CRH for a decade, will join the board in September before succeeding Lund as chairman in October.
"His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter," said Amanda Blanc, a senior independent director who led the search for BP's new chairman.
Manifold will take the role at a challenging time for BP, following a difficult trading year and pressure from investors to boost its share price.
BP in February launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.
In its first earnings report since the turnaround, released in April, the group said net profit plunged 70 percent in its first quarter, hit by weaker oil prices.
AFP