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A BP PLC investor called on the oil major’s leadership to turn around its performance, in a statement following the appointment of a new chair at the London listing. Bloomberg reported that Elliott Investment Management said BP needs ‘decisive and effective leadership to overcome its chronic operational under-performance’. Activist investor Elliott Investment Management, which owns more than 5% of BP’s shares, has previously pushed for changes at the company. BP on Monday said it has appointed former CRH PLC chief executive Albert Manifold as its next chair, succeeding Helge Lund after a seven-year tenure. Manifold will join the London-based energy company’s board as a non-executive director and chair-elect on September 1 and formally take over as chair on October 1, at which point Lund will step down from the board. Manifold served as chief executive of Dublin-based building materials supplier CRH from 2014 until December 2024. BP said he was selected for his strong track record in strategic leadership, operational delivery, and shareholder value creation. ‘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,’ Manifold said. ‘BP has a vital role to play in addressing the world’s growing energy needs.’ BP Senior Independent Director Amanda Blanc, who led the succession process, said: ‘Albert has a relentless focus on performance which is well suited to BP’s needs now and into the future.’ She thanked Lund for his ‘invaluable’ leadership through a period of ‘immense change.’ Manifold also holds non-executive roles at US-listed chemicals group LyondellBasell Industries NV and engineering firm Mercury Engineering Unlimited Co. He remains an adviser to the board of CRH and private equity firm Clayton Dubilier & Rice LLC. AJ Bell analyst Russ Mould commented: ‘Albert Manifold’s appointment as chair of BP will stir speculation the energy group might switch its main stock listing to the US. He oversaw a similar move when running construction group CRH and knows the process inside out.’ BP on Monday updated on shareholder engagement after a motion at its annual general meeting received sizeable opposition. Just over 24% rejected a re-election of Lund. ‘Prior to that, on 4 April 2025, BP announced that Helge Lund had informed the board of his intention to step down in due course and that a succession process had been initiated. Since the AGM, bp has engaged with investors in accordance with provision 4 of the code, to obtain insights into the reasons for the voting outcome on resolution 3. These insights have helped to inform the chair succession process which has been led by Dame Amanda Blanc on behalf of the board,’ the firm said. Last month, Shell PLC formally denied a press report that it is in talks to buy BP. ‘In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,’ the London-based energy company said in a statement. ‘Shell confirms it has no intention of making an offer for BP,’ the company added. The Wall Street Journal had reported Shell was holding early stage talks to acquire BP. WSJ sources said talks between company representatives are active and BP is considering the approach carefully. Back in May, Bloomberg had said Shell was exploring a move for BP but waiting for BP’s share price to fall further. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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