BP has appointed Albert Manifold to succeed Helge Lund as chair to lead the revised focus on fossil fuels and restore confidence among investors.

He will join the board on 1 September as non-executive director and will take over as chair on 1 October.  

The board has come under sustained pressure, not least from activist investor Elliott Management which demanded changes in personnel.

There was speculation of a bid from Shell and it has controversially reduced its commitment to renewables as shareholders seek better returns.

In April it announced that profits had halved and Giulia Chierchia, its executive vice-president for strategy, sustainability and ventures, stepped down.

Mr Manifold was the chief executive officer of CRH from January 2014 until December 2024. Under his leadership CRH strategically reshaped its portfolio and delivered strong growth and performance. 

He is also a non-executive director at LyondellBasell, a global chemicals producer, listed on the New York Stock Exchange, and a non-executive director at Mercury Engineering, a privately-owned engineering consultancy. 

Dame Amanda Blanc, BP’s senior independent director, who led the succession process on behalf of the board, said he was “the ideal candidate to oversee bp’s next chapter”. 

She added: “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.

“On behalf of the company, I would also like to thank Helge for his leadership and dedicated service to bp throughout the past seven years. His contribution through a period of immense change has been invaluable.” 

Mr Manifold said: “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.

“BP has a vital role to play in addressing the world’s growing energy needs. I look forward to working with the bp board, Murray and the leadership team to accelerate delivery of BP’s strategy and drive compelling and sustainable shareholder value creation.”

Mr Manifold is a certified public accountant, a chartered accountant, and holds a Master of Business Administration and a Master in Business Studies, both from Dublin City University. He remains a special adviser to the board of CRH and is also an adviser at Clayton Dubilier & Rice.