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BP appoints new chair to oversee shift back to fossil fuels BP appoints new chair to oversee shift back to fossil fuels
(about 5 hours later)
Albert Manifold, ex-boss at buildings material company CRH, to take over from embattled Helge LundAlbert Manifold, ex-boss at buildings material company CRH, to take over from embattled Helge Lund
BP has appointed a successor to its embattled chair, Helge Lund, as the company breaks from its net zero strategy and pivots back to fossil fuels. BP has appointed a successor to its embattled chair, Helge Lund, as the energy company breaks from its net zero strategy and pivots back to fossil fuels.
Albert Manifold, the former boss of the building material company CRH, will join the BP board on 1 September as a non-executive director and as chair-elect, before taking over on 1 October.Albert Manifold, the former boss of the building material company CRH, will join the BP board on 1 September as a non-executive director and as chair-elect, before taking over on 1 October.
Lund, chair since 2019 and an important figure in the company’s abandoned green push, announced in April he would step down from his position “most likely during 2026”. Lund also suffered an investor rebellion at BP’s annual meeting amid pressure over its poorly performing share price. BP announced in April that Lund, chair since 2019 and an important figure in the company’s abandoned green push, would step down from his position “most likely during 2026”. Lund also suffered an investor rebellion at BP’s annual meeting amid pressure over its poorly performing share price.
The change in chair comesamid a broader strategic shift at BP, as it cuts back on green spending and returns its focus to oil, after a botched attempt to reinvent itself as a net zero energy company. The change in chair comes amid a broader strategic shift at BP, as it cuts back on green spending and returns its focus to oil and gas, after a botched attempt to reinvent itself as a net zero energy company.
Manifold was chief executive of CRH for a decade until the end of last year, and led the shift in the company’s primary listing from London to New York in 2023.Manifold was chief executive of CRH for a decade until the end of last year, and led the shift in the company’s primary listing from London to New York in 2023.
The chief executive of BP, Murray Auchincloss, said last year that switching BP’s listing to the US was “not on the agenda”. BP shares have lagged behind its US peers, while a string of British firms have switched their primary listings from London to New York.The chief executive of BP, Murray Auchincloss, said last year that switching BP’s listing to the US was “not on the agenda”. BP shares have lagged behind its US peers, while a string of British firms have switched their primary listings from London to New York.
Amanda Blanc, the senior independent director at BP who led the process to find a new chair, said Manifold had “transformed and refocused CRH into a global leader” and praised “his impressive track record of shareholder value creation”. Amanda Blanc, the boss of Aviva and senior independent director at BP who led the process to find a new chair, said Manifold had “transformed and refocused CRH into a global leader” and praised “his impressive track record of shareholder value creation”.
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Manifold, who received a $13m (£9.6m) package for his work at CRH last year, called it “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, who received a $13m (£9.6m) package for his work at CRH last year, called it “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”.
BP’s green strategy was set by its previous boss, Bernard Looney, who was appointed by Lund in 2020 to transform the business into an integrated energy company. However, the transition was undermined by a rise in global oil and gas prices, as well as the shock departure of Looney in 2023.BP’s green strategy was set by its previous boss, Bernard Looney, who was appointed by Lund in 2020 to transform the business into an integrated energy company. However, the transition was undermined by a rise in global oil and gas prices, as well as the shock departure of Looney in 2023.
Auchincloss set out a “fundamental reset” this year after the activist hedge fund Elliott Management amassed a multibillion-pound stake in the company amid growing investor dissatisfaction over its sluggish share price.Auchincloss set out a “fundamental reset” this year after the activist hedge fund Elliott Management amassed a multibillion-pound stake in the company amid growing investor dissatisfaction over its sluggish share price.
Lund said in April that “having fundamentally reset our strategy”, it was “the right team to start the process to find my successor”.
The Norwegian, who was paid £882,000 last year, was at the centre of a high-profile storm over a £25m package to lure him to BG Group in 2015.
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BP has been rapidly scaling back its green portfolio. Last week, it agreed to sell its onshore wind business in the US, as part of a plan to offload $20bn in assets to “simplify and focus the business”.BP has been rapidly scaling back its green portfolio. Last week, it agreed to sell its onshore wind business in the US, as part of a plan to offload $20bn in assets to “simplify and focus the business”.
Its shares have fallen by more than 10% in the past 12 months, prompting speculation it could become a takeover target. Last month, its rival Shell was forced to deny it had any intention of making an offer for BP, which ruled out a formal approach for the next six months. The green shareholder activist group Follow This said it was a “good signal” that Manifold was not a fossil fuels veteran, but expressed doubt that “he has the transition experience BP urgently needs”.
Mark van Baal, of the Netherlands-based group, said: “The new chair needs to be climate and transition competent and resistant to short-term activists.
“BP’s recent strategic U-turn appears to be driven by panic after a short-term activist reportedly bought shares in the company. We’re hearing significant frustration from long-term investors about this.”
Manifold’s appointment is the latest in a series in BP’s boardroom. The company added Simon Henry, a former Shell executive, to its board two weeks ago, as well as Dave Hager in May. Hager is an industry veteran, leading the US shale producer Devon Energy as chief executive and then as executive chair.
BP shares have fallen by more than 10% in the past 12 months, prompting speculation it could become a takeover target. Last month, its rival Shell was forced to deny it had any intention of making an offer for BP, which ruled out a formal approach for the next six months.