Photo: EPA

British Petroleum (BP) has appointed Albert Mannifold as the new Chairman of the Board. About said the company's press service.

Mannifold will officially join BP on September 1 as an independent director and chairman-elect, and will succeed Helge Lund, the current chairman of the board, on October 1.

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Mannifold has been the head of the world's largest building materials company CRH for more than a decade.

At CRH, he successfully transformed the business by focusing on efficient cost management, cash flow generation and strategic development.

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"I am honored to be appointed Chairman of one of the world's largest energy companies and to have the opportunity to help the company achieve its full potential (...) I look forward to working with the BP Board, Murray and the management team to accelerate the execution of BP's strategy and help create compelling and sustainable shareholder value." Mannifold said.

The company emphasizes that Mannifold's selection followed a global search led by Senior Independent Director Amanda Blank.

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Albert is a certified public accountant, a chartered accountant and holds a Master of Business Administration and a Master of Business Studies from Dublin City University.

the 62-year-old Lund, who has been at the helm of BP since 2019, lost investor support after he backed former CEO Bernard Looney's failed "attack" on renewable energy sources.

In April, BP announced that Lund intends to leave the company, probably in 2026.

  • In February, BP announced a radical change in its business strategy. It decided to increase investments in oil and gas by 20%to about $10 billion a year, and cut spending on renewable energy sources to $1.5-2 billion a year, a 70% reduction compared to previous plans