BP Names Former CRH Group CEO Manifold As Chairman Amid Strategic Reset

BP named the former CEO of building material supplier CRH Group, Albert Manifold, as its chairman on Monday amid the oil and gas firm’s efforts to stage a turnaround after weak share performance.

Manifold, who led CRH for a decade, will replace Helge Lund, who has faced criticism from investors, such as Elliott Investment Management, for his role in the company’s unsuccessful pivot to renewable energy.

“Albert has a relentless focus on performance, which is well suited to BP’s needs now and into the future. He transformed and refocused CRH into a global leader by building on its rich heritage to deliver superior growth, cash generation, and returns,” said Amanda Blanc, BP's senior independent director, who headed the search for a new chairman on behalf of the board.

Manifold is set to join BP in September as a non-executive director and chairman-elect, before taking over as chairman a month later, following Lund's step down. During his tenure at CRH, the company strengthened its presence as one of the world’s leading building materials firms and relocated its primary listing to New York in 2023.

BP stock gained 1.2% in premarket trade. Retail sentiment on Stocktwits was in the ‘bearish’ territory at the time of writing.

Lund’s departure will mark another high-profile exit from the company, following the departure of former CEO Bernard Looney in 2023. BP has since added Simon Henry, former CFO of Shell, and Dave Hager, former CEO of Devon Energy, to its board as it prioritizes fossil fuel production over a renewable push.

In February, the company revealed its intention to raise $20 billion through divestments by 2027, following a strategic review of its lubricants business, Castrol, and by partnering with Lightsource bp in its solar energy unit. It also set a goal of reducing net debt to between $14 billion and $18 billion by 2027, compared to nearly $23 billion in debt as of last year.

BP’s U.S. shares have gained 7.7% this year, trailing the 11.6% gains of larger rival Shell.

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