BP Appoints New Chairman with Experience of Relocation to New York

In a move that could signal strategic shifts amid mounting investor pressures and takeover rumors, BP has appointed Albert Manifold as its new chairman. Manifold, who brings a wealth of experience in corporate transformation—including successfully relocating a major company’s primary listing to New York—steps into the role at a pivotal time for the British energy giant.

Albert Manifold, 62, joins BP from CRH, the Irish building materials group where he served as chief executive. During his tenure, Manifold doubled CRH’s market capitalization and orchestrated a high-profile relocation of its primary stock listing to New York, a decision that boosted valuations and expanded investor access.

This experience is particularly relevant as BP grapples with undervaluation concerns in London and whispers of a potential U.S. move. Amanda Blanc, BP’s senior independent director, praised Manifold’s “strong track record in delivering performance and transformation,” emphasizing his ability to navigate complex changes in a dynamic industry.

Manifold will join BP as chair-elect on September 1, 2025, and officially take over as chairman on October 1, 2025. He has expressed enthusiasm for accelerating BP’s strategy during what he calls a “period of significant change” in the energy sector.

The appointment comes as BP faces intense scrutiny from shareholders frustrated with its energy transition roadmap and relative underperformance compared to U.S. peers like ExxonMobil.

Activist investors, including reports of Elliott Management building a significant stake, are pushing for a sharper focus on core oil and gas operations amid mixed results in renewables.

BP’s second-quarter results have been weakened by lower oil prices and refining margins, with full earnings set for release later this month.

Under CEO Murray Auchincloss, BP is pivoting toward hydrocarbons, committing $10 billion annually through 2027 while scaling back renewables spending.

This reset aims to deliver higher returns but must balance short-term demands with long-term decarbonization goals—a tightrope walk that Manifold’s expertise in transformation could help steady. Takeover Speculation Heats Up with ADNOC in the MixAdding fuel to the fire are persistent takeover rumors, particularly involving Abu Dhabi National Oil Company (ADNOC). In 2024, ADNOC reportedly considered a full £88 billion ($110.3 billion) acquisition of BP but backed off due to strategic misalignments and UK political hurdles, including the National Security and Investment Act.

Instead, ADNOC—through its international arm XRG—is eyeing BP’s lucrative liquefied natural gas (LNG) assets, valued at around $80 billion in enterprise terms.

This interest aligns with ADNOC’s global gas ambitions, bolstered by joint ventures with BP in Abu Dhabi and Egypt. Intriguingly, former BP CEO Bernard Looney now sits on XRG’s board alongside ADNOC CEO Sultan al-Jaber, raising eyebrows about behind-the-scenes negotiations.

Analysts deem a full takeover unlikely, but asset cherry-picking could leave BP vulnerable if not managed carefully.

Should BP Follow Manifold’s Playbook and Relocate to the U.S.?Manifold’s CRH relocation success has sparked debate: Should BP ditch London for New York? Proponents argue that a U.S. listing could unlock higher valuations—BP’s current price-to-earnings ratio of 7.54 trails ExxonMobil’s 12.98—making it less attractive to foreign bidders like ADNOC.

Examples abound: CRH and Flutter both moved to New York for better liquidity and investor pools, while Shell’s CEO has hinted at similar considerations due to London’s undervaluation of energy firms.

A U.S. base could also strategically position BP amid global energy consolidation, funding its hydrocarbon push and deterring takeovers through heightened regulatory scrutiny.

Assets like the Whiting refinery in Indiana might fetch premiums, aligning with BP’s reset.

However, staying in London offers protections: The UK government could block foreign deals, preserving national interests.

BP’s Middle Eastern partnerships, rooted in London, are vital for growth, and relocation risks operational disruptions or U.S. antitrust issues.