BP has named a replacement for chairman Helge Lund, who revealed his intention to depart in April following mounting investor discontent.
Albert Manifold, the ex-chief executive of construction materials giant CRH, will assume the chairmanship of the energy behemoth in October after serving a month-long period as chair-elect, as reported by .
Manifold steered CRH for a decade until December of last year, presiding over an almost 400 per cent surge in share value during his tenure.
He currently serves as a non-executive director at LyondellBasell, the New York-traded chemicals manufacturer.
"He has a strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation," BP said in a statement to markets on Monday.
BP finds itself navigating a substantial strategic overhaul as the petroleum giant attempts to calm investor unrest regarding its lacklustre stock performance.
The firm unveiled proposals in February to cut renewable energy spending and refocus on oil and gas operations.
It intends to boost funding for oil and gas ventures by approximately 20 per cent to £7.9bn annually and last week struck an agreement to offload its US onshore wind operations.
Almost a quarter of BP's shareholders voted against Lund's re-election at the company's annual general meeting in April.
Manifold 'ideal' for next chapter of BP
Dame Amanda Blanc, BP's senior independent director who spearheaded the search for a new leader, has praised Manifold's appointment, highlighting his "impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee BP's next chapter."
She further commended his approach, stating: "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."
Upon his appointment, Manifold expressed his enthusiasm, saying: "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."
He also shared his forward-looking vision: "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."
