BP appoints new chair to oversee shift back to fossil fuels | BP

When the BP left the net zero strategy and returned to fossil fuels, he appointed his challenging chair Helge Lund.

Albert Manifold, former boss Building Material Company CRHBefore taking over on October 1, he will participate in the BP Board on 1 September as a non -executive director and as the election of president.

Lund, an important figure in the abandoned Green Push since 2019, announced in April that he will resign from his position “in 2026”. Lund was also subjected to investor rebellion at the BP’s annual meeting among the pressure on the price of poor performance.

After an attempt to rediscover itself as a net zero energy company, a wider strategic change in the BP comes after an attempt to rediscover itself.

Manifold was the General Manager of CRH for ten years until the end of last year, and in 2023 he pioneered shift from London to New York in the primary list of the company.

BP General Manager Murray Auchincloss, in question Not on the agenda of changing the BP’s list last year to the United States. While the BP shares lagged behind US peers, a number of British companies spent their primary lists from London to New York.

Amanda Blanc, the Senior Independent Director of BP, directed the process of finding a new chair, and praised Manifold that CRH turned CRH into a global leader and again focused ”and“ the impressive past of shareholder creation ”.

Bir It is an honor to be the president of one of the world’s largest energy companies and to help the company to reach the full potential of the company, Mülün

BP’s green strategy was determined by Lund in 2020 by his previous boss Bernard Looney, who was appointed by Lund to transform the business into an integrated energy company. However, the transition weakened with the increase in global oil and gas prices and Looney’s shock in 2023.

Auchincloss, activist risk protection fund Elliott Management, increased investor dissatisfaction at the uninterrupted share price after collecting a multibillion -pound share of shares this year launched a “basic reset”.

BP takes back its green portfolio quickly. Last week, he agreed to sell the coastal wind business in the United States as a part of the plan to evacuate $ 20 billion to “simplify and focus”.

His shares have fallen more than 10% in the last 12 months and that speculation may become a acquisition target. Last month, the rival shell had to deny that there was an intention of making any bids for the BP, which put forward an official approach for the next six months.