BP’s appointment of Albert Manifold, former CEO of Irish building materials giant CRH, as its new chairman sparked a muted response from investors. BP shares barely budged, reflecting scepticism over Manifold’s lack of oil and gas experience.
Reports suggest Manifold was not BP’s first choice. At 62, he steps into a role far removed from cement and construction, with an energy giant struggling with debt, strategic confusion, and activist investor pressure.
It is, said Panmure Liberum, a “panic” and “proper left-field appointment”.
The counter argument is that Manifold’s credentials speak volumes. CRH shares more than tripled under his 11-year leadership, turning a modest regional player into a US-listed $63 billion (€53.6 billion) global powerhouse through disciplined capital allocation, aggressive portfolio reshaping, and operational efficiency.
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BP shareholders will hope his reputation as a shrewd operator who cuts bloat and boosts cash flow is what the company needs after years of costly missteps in renewables and faltering upstream performance.
Critics worry Manifold’s skills as a CEO may not translate to chairmanship. However, BP’s board clearly values his pragmatic approach and investor-focused track record.
On that front, there is already speculation Manifold might consider switching BP’s listing to the US, as he did with CRH, aiming for a higher valuation. With BP pivoting back to oil and gas, amid ongoing asset sales and cost-cutting drives, Manifold faces a daunting challenge: to bring strategic clarity and restore shareholder faith.
It may be an unconventional hire, but BP shareholders will hope a fresh perspective is just what the doctor ordered.
