BP Appoints Albert Manifold as New Chairman Amid Strategic Shift

BP has appointed Albert Manifold, former CEO of building materials company CRH, as its new chairman, effective October 1, 2025. Manifold will succeed Helge Lund, who has served as BP's chair since 2019.

Manifold, 62, led CRH from 2014 to 2024, overseeing significant transformations, including the relocation of the company's primary listing from London to New York in 2023, which contributed to a 74% increase in its share price. Despite lacking direct experience in the energy sector, BP's board highlighted his strong track record in strategic leadership and operational efficiency. Dame Amanda Blanc, BP’s senior independent director, stated, "His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter."

This leadership change comes amid BP's strategic shift back towards fossil fuels. In February 2025, the company announced plans to increase annual oil and gas investment to $10 billion through 2027, while reducing investments in renewable energy by over $5 billion per year. CEO Murray Auchincloss explained, "Our optimism for a fast [energy] transition was misplaced, and we went too far, too fast."

The appointment has received mixed reactions from investors. Activist hedge fund Elliott Management, which holds over a 5% stake in BP, expressed support for Manifold's appointment, emphasizing the need for strong leadership to address operational underperformance. A spokesperson for Elliott stated, "We believe that Mr. Manifold's leadership will be instrumental in addressing BP's chronic operational underperformance."

Helge Lund's tenure as chairman included the appointment of former CEO Bernard Looney, who resigned in 2023 over undisclosed relationships with colleagues. Lund also supported BP's initial foray into renewables, a strategy that has since been scaled back. His re-election in April 2025 saw reduced shareholder support, with nearly 25% voting against him, reflecting investor dissatisfaction.

Manifold's appointment signals BP's commitment to enhancing shareholder value and operational performance. His experience in portfolio reshaping and cost efficiency is expected to play a crucial role as BP navigates its strategic shift. However, his lack of direct experience in the energy sector presents both challenges and opportunities as he steps into his new role.

As BP continues to adjust its strategic direction, the leadership of Albert Manifold will be closely watched by investors and industry observers alike.