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Investing.com -- BP PLC (LON:BP) (NYSE:BP) has named Albert Manifold as its next chairman, succeeding Helge Lund from October 1, as the company continues its strategic shift back toward oil and gas under investor pressure.
Manifold, the former CEO of building materials group CRH (NYSE:CRH), will join the board on September 1 as a nonexecutive director and chair-elect, BP said on Monday. Lund will step down as both chairman and board member at the start of October.
BP shares rose 0.2% in early London trading following the announcement.
The leadership change follows a broader pivot in BP’s direction, with the company scaling back its green ambitions—a strategy Lund had championed alongside former CEO Bernard Looney.
Lund announced in April that he would step down, "likely" in 2026, after facing pushback from investors. He was re-elected earlier this year with significantly lower shareholder support, amid criticism from activist investor Elliott Management and environmental advocates.
Manifold led CRH for more than a decade, overseeing a major reshaping of the company’s portfolio and a move of its primary listing to New York last year.
“(Manifold’s) impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP’s next chapter,” said Amanda Blanc, BP’s senior independent director who oversaw the succession process.
BP has also been the subject of ongoing takeover and break-up speculation. Last month, the Wall Street Journal reported that Shell had been engaged in talks to acquire BP, citing people familiar with the matter.
Shell issued a firm denial, stating it had not made an offer and was not actively pursuing such a deal. Under U.K. takeover regulations, Shell’s categorical rejection now prevents it from making a formal bid for BP for the next six months.