BP Appoints Former CRH CEO Albert Manifold as Chairman in Strategic Overhaul

BP (BP.L) has selected Albert Manifold, the former chief executive of building materials giant CRH (CRH.N), to serve as its next chairman, beginning October 2025. This leadership change reflects BP’s ongoing efforts to revamp its strategy in the face of growing investor dissatisfaction and questions around its energy transition.
Manifold, who does not have a background in the oil and gas sector, brings a strong record of value creation. During his 11-year leadership at CRH, the company's stock surged nearly fivefold, aided by a proactive approach to mergers, acquisitions, and asset divestitures. His tenure also saw CRH relocate its primary listing to the New York Stock Exchange in 2023, underlining his experience with global capital markets and strategic repositioning.

Shares in BP rose 0.5% to 402.05 pence in early London trading following the announcement, signaling investor optimism. Amanda Blanc, BP’s senior independent director who led the chairman search, described Manifold as "the right choice to oversee BP’s next chapter," citing his strong record in shareholder returns and portfolio transformation.

Manifold will take over from Helge Lund, who has chaired BP since 2019 and intends to step down by 2026. Lund, a former Equinor CEO, has faced increasing criticism from both activist investors—most notably Elliott Management—and environmentally focused shareholders. His support of former CEO Bernard Looney’s push into renewable energy led to discontent, particularly after Looney resigned in 2023 amid internal investigations.

Although BP considered other prominent figures—including former Centrica CEO Sam Laidlaw and ex-BHP chair Ken MacKenzie—the board ultimately favored Manifold’s financial discipline and experience navigating corporate restructurings.

The appointment signals a possible shift toward prioritizing investor returns and financial performance over aggressive expansion into renewables, especially as speculation continues around potential divestitures or break-up scenarios. Investors will be watching closely to see whether Manifold brings the same transformation mindset to BP that he executed at CRH.