BP Replaces Pro-Net Zero Chairman Amid Return to Oil and Gas

From The Daily Sceptic

By Will Jones

BP has replaced its pro-Net Zero chairman as it faces pressure from shareholders to switch its focus away from renewables after its disastrous 2020 commitment to cut hydrocarbon output by 40%. The Telegraph has the story.

Albert Manifold, who was chief executive of the building materials company CRH for a decade, will take over from Helge Lund, who announced his departure three months ago.

Mr Manifold will take charge in October at a crucial time for the FTSE 100 oil giant, which is struggling with a debt mountain, poor share performance and a reputation tarnished by its disastrous 2020 commitment to cut fossil fuel output by 40%.

Mr Lund had strongly backed the drive towards renewables led by disgraced former chief executive Bernard Looney, who abruptly resigned in September 2023 after failing to disclose relationships with employees.

Mr Lund has been under increasing pressure over that debacle, announcing plans to step down in April but remaining in place pending the appointment.

Dame Amanda Blanc, an independent director at BP, said incoming chairman Mr Manifold had shown as “impressive track record of shareholder value creation at CRH”.

She said: “Albert has a relentless focus on performance which is well suited to BP’s needs now and into the future. He transformed and refocused CRH into a global leader by building on its rich heritage to deliver superior growth, cash generation and returns.”

Mr Manifold said the job would give him the “the opportunity to help the company reach its full potential”. Mr Manifold is currently a Non-Executive Director at chemicals producer LyondellBasell Industries and at consultant Mercury Engineering.

Worth reading in full.