BP on Monday named Albert Manifold, the former CEO of Ireland-based building materials firm CRH, as its new chairman, as the struggling company seeks to turn its fortunes around quickly.
Manifold will join the UK major’s board as nonexecutive director and chair-elect on Sep. 1, taking over from outgoing nonexecutive Chairman Helge Lund on a full-time basis from Oct. 1.
BP cited Manifold’s “strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash-flow generation.”
During his 11-year tenure as boss of CRH, the Irish company's share price rose almost eightfold, giving it a market capitalization of some $63 billion at Friday’s close, below BP’s £64 billion ($86 billion).
In 2023, CRH moved its primary listing from London to New York, something that has been mooted by BP and European peers Shell and TotalEnergies.
