BP has appointed Albert Manifold as its new chairman, marking a pivotal leadership shift as the energy giant responds to pressure from activist hedge fund Elliott Investment Management to enhance shareholder value and reset strategic direction, according to a report by Bloomberg.

Manifold, who previously led building materials firm CRH Plc, will join BP as a Non-Executive Director and Chairman-Elect on 1 September, succeeding Helge Lund, who will step down on 1 October. The appointment follows Elliott’s campaign for governance changes and a sharper focus on oil and gas production.

Under Manifold’s leadership, CRH executed a strategic pivot in 2023 by shifting its primary listing from London to New York, triggering a 20% stock rally and aligning more closely with US investor sentiment. With over half of BP’s shareholders now US-based, Manifold’s track record is expected to resonate with investors seeking renewed performance and capital returns.

BP has faced mounting investor dissatisfaction after years of underperformance and a controversial transition strategy under former CEO Bernard Looney and chairman Lund. In February, new CEO Murray Auchincloss signalled a strategic reset, recommitting to traditional energy production while de-emphasising previous net-zero ambitions.