BP Replaces Pro-Net Zero Chairman Amid Return to Oil and Gas
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.
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And on a not dissimilar theme, read it and weep…
https://www.conservativewoman.co.uk/how-bungling-councillors-spend-your-money-on-worthless-investments-and-staff-pensions/
And another £10 Billion.
The £10 Billion is seriously bad but the costs of an additional 100,000 Turd Worlders doesn’t bear thinking about.
https://www.conservativewoman.co.uk/10bn-and-counting-true-cost-of-the-afghan-leak-fiasco/
I wouldn’t want an endorsement, or indeed anything to do with, the “uber-woke” Dame Amanda Blanc. She was the CEO from Aviva who wanted to scrutinise (veto?) any possible internal promotions for white men.
The first thing Mr Manifold needs to do is ditch her. If not the future for BP looks grim.
Was? Blanc still is in charge at Aviva and grudgingly I have to admit the company is doing well and making me richer. However, when I still had a holding in BP I voted against her being a non-exec as she is a Tesla driving greenturd and would appear to be part of the problems at BP.
Correction: it’s Natziro.
“Mr Lund had strongly backed the drive towards renewables led by disgraced former chief executive Bernard Looney…”
Alice in Lonneylund.
Beyond Petroleum, that was cringeworthy. I think they have seen the writing on the wall that the government largesse in the way of renewable subsidies is unsustainable. They will have to go back to making money the old fashioned way.