British oil giant BP has appointed Albert Manifold, the former CRH CEO, as its new Chairman. This strategic move is intended to bolster investor confidence and navigate the company through speculation of acquisitions and divestitures. Manifold will replace Helge Lund in October, amid challenges linked to past strategic initiatives.

On Monday, British oil giant BP appointed Albert Manifold, the former head of building materials company CRH, as its new Chairman. This move comes as BP seeks to address investor concerns regarding its strategic direction and underwhelming stock performance.

Manifold, who has not previously held a leadership role in the energy sector, will succeed Helge Lund starting in October. His appointment coincides with BP's ongoing restructuring of its strategy amid persistent speculation about potential acquisitions and divestitures.

During his tenure at CRH, Manifold saw the company’s shares rise approximately fivefold. Amanda Blanc, BP’s senior independent director who led the succession process on behalf of the board, stated, "Manifold’s distinguished record in generating shareholder value at CRH makes him the ideal candidate to steer BP through its next phase.”

In his 11 years as CEO of CRH, Manifold significantly reshaped the Irish company's investment portfolio through asset purchases and sales, and he moved its primary listing to New York in 2023.

BP's shares rose by 0.5% to 402.05 pence during early trading in London.

Helge Lund, a 62-year-old Norwegian, has served as BP Chairman since 2019. He lost favor with investors after backing former CEO Bernard Looney’s unsuccessful renewable energy initiative. Lund was re-elected in April with notably reduced support, following pressure from activist investor Elliott Management and criticism from climate-concerned shareholders.

In April, BP announced that Lund plans to leave the company, likely by 2026. There have been reports of discussions with Sam Laidlaw, former CEO of Centrica, and Ken MacKenzie, the retired chairman of mining group BHP, as potential successors.