BP has appointed Albert Manifold as its new chair, succeeding Helge Lund as the company shifts focus back to fossil fuels and away from its prior net zero strategy. Lund faced pressure over BP's share price and had signaled his upcoming departure. Manifold, former CEO of CRH, is recognized for his leadership and successful transformation of that company. His appointment is part of a broader strategic shift at BP, characterized by reduced green spending in favor of traditional oil pursuits.
BP has appointed Albert Manifold as the new chair of the company. Manifold will join the board on September 1 and take over from Helge Lund on October 1.
The appointment comes as BP pivots back to fossil fuels, ending its previous net zero strategy. Under Lund, BP faced investor pressure regarding its share performance.
Manifold previously led CRH, where he focused on transforming the company and shifting its primary listing from London to New York.
Amanda Blanc, senior independent director at BP, highlighted Manifold's record of shareholder value creation and his successful transformation of CRH.
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