Overview

• Albert Manifold, the former CRH chief executive for a decade, will begin as chair-elect on September 1 before taking over as BP chair on October 1.
• Dame Amanda Blanc praised Manifold’s record of shareholder value creation and operational discipline as ideal for steering BP’s next phase.
• BP has agreed to sell its US onshore wind business and plans to increase oil and gas funding by about 20 percent, reflecting its strategic reset.
• Investor pressure, notably from Elliott Management’s more than 5 percent stake, pushed BP to reverse its net zero ambitions and refocus on fossil fuels.
• The leadership change follows a near 25 percent shareholder revolt in April over BP’s underperforming share price and green strategy.