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BP appoints new chair amid strategic shift

Albert Manifold will take over as BP's chair, steering the company back to fossil fuels.

July 21, 2025 at 09:00 AM

BP appoints new chair to oversee shift back to fossil fuels

Albert Manifold takes over as chair of BP amid strategic shift back to fossil fuels.

BP appoints Albert Manifold to lead return to fossil fuels

BP has appointed Albert Manifold as its new chair, replacing Helge Lund. This change comes as the company shifts focus back to fossil fuels, moving away from its net zero strategy. Manifold, the former chief executive of CRH, will start as a non-executive director on September 1 and officially take over on October 1. Lund announced his intention to step down after facing pressure from investors regarding the company’s performance. BP's strategic reevaluation follows a series of poor stock performance and a failed transition to green energy under Lund's leadership.

Key Takeaways

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Albert Manifold replaces Helge Lund as BP's chair amid a strategic overhaul.

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BP shifts focus from green energy to fossil fuels as part of a reset strategy.

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Investor dissatisfaction has driven the change in leadership at BP.

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Manifold’s track record in shareholder value creation makes him a fitting successor.

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BP’s shares have declined over 10% in the last year, raising takeover speculations.

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The decision to scale back green initiatives marks a troubling trend for climate goals.

"It is an honour to be appointed chair of one of the world’s great energy companies."

Albert Manifold expresses his enthusiasm about leading BP during a decisive time.

"Our strategy focuses on simplifying and focusing the business."

Murray Auchincloss outlines BP's new direction amidst investor pressure.

"We have seen a fundamental reset of our approach this year."

Auchincloss indicates a shift in BP’s operational strategy to address challenges.

The appointment of Albert Manifold marks a significant pivot for BP, highlighting a broader trend in the energy sector where companies are reassessing their commitments to green strategies. With rising oil prices and investor pressure to deliver short-term returns, BP’s focus on fossil fuels seems more a necessity than a choice. Manifold's leadership will likely be scrutinized as stakeholders look for signs of renewed profitability while balancing the urgency of climate commitments. This transition raises questions about the future of energy policy as companies grapple with the dual pressures of profitability and sustainability.

Highlights

A new era begins at BP with a return to fossil fuels.
Albert Manifold’s appointment signals a shift in energy strategy.
BP faces investor scrutiny after green strategy falters.
The future of BP hinges on balancing profit and sustainability.

Strategic turmoil at BP raises concerns

The shift back to fossil fuels may lead to investor backlash amid growing climate concerns. Stakeholders worry about the impact on BP’s long-term sustainability goals and public image.

The changes at BP signal the evolving landscape of the energy industry amid fluctuating market demands.

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bp energy fossil fuels investors strategy business energy politics

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