BP PLC (LSE:BP)has announced Albert Manifold as its incoming chairman, set to replace Helge Lund starting October 1. This leadership change comes amid BP’s ongoing strategic refocus on oil and gas, driven by shareholder pressures.
Manifold, who previously served as CEO of the building materials firm CRH (NYSE:CRH), will join BP’s board on September 1 as a non-executive director and chair-elect, the company confirmed on Monday. Lund will step down from his roles as chairman and board member at the beginning of October.
Following the announcement, BP shares saw a modest increase of 0.2% during early London trading.
This shift in leadership aligns with BP’s broader adjustment in strategy, moving away from the green initiatives championed by Lund and former CEO Bernard Looney. Lund had announced his intention to step down “likely” in 2026 but faced mounting investor opposition, leading to reduced shareholder backing in his recent re-election. Activist investor Elliott Management and environmental groups had criticized his tenure.
Manifold’s decade-long leadership at CRH included significant portfolio restructuring and the company’s primary listing relocation to New York last year.
“(Manifold’s) impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter,” said Amanda Blanc, BP’s senior independent director responsible for managing the succession.
Separately, BP has been the focus of takeover rumors. Last month, the Wall Street Journal reported that Shell had held discussions about acquiring BP, citing insiders. Shell denied these claims, stating it had not made any offer and was not actively seeking a deal. Under UK takeover rules, Shell’s explicit denial bars it from submitting a formal bid for BP for the next six months.
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