Can former building giant CRH boss Albert Manifold bring clarity to struggling BP?
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.
READ MORE
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
5 hours ago
- Irish Examiner
Donegal and Kerry showcase football's Wild Atlantic Way
Eleven years ago, the same year both Donegal and Kerry previously contested an All-Ireland final, the Wild Atlantic Way route was launched. On a comparatively shoestring budget, Fáilte Ireland had to come up with an initiative to rebrand the splendour of the west coast in the hope of boosting a tourism industry still reeling from the economic crisis. Then chief executive Shaun Quinn went back to his homeplace in Raphoe in Donegal and conjured up the phrase. The wave-shaped acronym that became the logo followed and after that it was a case of agreeing on the route. Launched in April 2014, it was initially deemed gimmicky. The rusty stop signs were maligned as eyesores and the new road signs dismissed as the proverbial lick of paint. By the time Donegal and Kerry faced off that September, the sneering and cynicism was on the wane. Hotels in counties like Donegal were reporting bookings up by as much as 40%. Last year, it was revealed the Wild Atlantic Way has led to a 58% increase in revenue, which now totals €3 billion per annum. Not bad for giving a new name to something that was already there. Finn MacDonnell, owner of the famous Dick Mack's pub in Dingle, told this newspaper last year its creator should 'be given a trophy'. Aisling Arnold-Kelly, owner of Arnolds Hotel in Dunfanaghy reported the promotion was transformational for her business. 'We were opening on St Patrick's Day and closing after Halloween,' she told the Irish Times. 'As a result of the Wild Atlantic Way, we are now open six months full-time and five days a week in the off-season, from November to February…' A lot of what the Football Review Committee (FRC) started 10 years on from Fáilte Ireland's great marketing campaign can be likened to the Wild Atlantic Way. The product is still the product, football remains football as FRC chairman Jim Gavin had intended, but the packaging is a damn sight better. In almost every GAA field in the country, the FRC's lick of paint has amounted to two partly-elliptical arcs and a dotted halfway line. The skill of a long-range point has been flagged literally and figuratively. The quick free is quicker in the form of the solo-and-go. If the 2,500km route from Kinsale to Malin Head fuels nostalgia for ex-pats and second and third generation Irish about the old sod, the four back, three up restrictions is a nod to how the game used to be played. Like the paintings of Paul Henry and postcards of John Hinde that sold the idea of Ireland as a destination in the early half of the 20th century, there is romance to the rules. The allure of empty space as portrayed by those artists is what the FRC have advertised to footballers. Gavin may be a self-proclaimed fan of 'east coast football' but within the parameters he and his group have set, the west are this year's winners. The tropes about Donegal being too wedded to their running game because of their geography and their management's allegiance to it has been disproven by their progress under these new game conditions because they have excellent kickers. To a lesser extent, Kerry's presence in this final is notable when they seemed for a large part of the season to be slower than most to catch the hang of two-pointers, a point Jim McGuinness referenced after Donegal's All-Ireland semi-final. Both have moved with the times. The aggregate 27 points, the 2-21, the pair accumulated between themselves in the 2014 All-Ireland final could be matched or surpassed by half-time on Sunday. It's inflation but, unlike what those holidaying in Ireland are experiencing, it's the good kind. Just as the ruggedness of the west has been re-imagined, the GAA have realised that when you rebrand it, they will come. Novelty or not, attendances were up 21% for this year's group stages compared to last. Crowds for the 13 knock-out matches will exceed 430,000 and could be as much as 23% higher than 2024. That's not to say the fare from the preliminary quarter-finals has been great. It's been pretty underwhelming, in fact, after some electric group matches. The average winning margin has been 7.8 points compared to the group stages where the average gap was 5.6. Consequently, there is some pressure on Sunday's final to showcase all the good that the FRC has brought to the game before the permanency of the rules are voted on in early October, but finals are often fraught affairs and it's been six years since a stone-cold classic was delivered on this stage. But it doesn't need to be wonderful to establish that the tweaks have been a success. As those living in the Donegal and Kerry beauty spots on the Wild Atlantic Way can testify, a shower is never too far away.
Irish Times
7 hours ago
- Irish Times
‘Get your act together': Donald Trump tells Europe to address immigration
Intensive negotiations are continuing on Saturday between the EU and the US before a crunch meeting in Scotland between Donald Trump and the European Commission president, Ursula von der Leyen , to avert a costly trade war. Trump spent the night at his family-owned Turnberry golf resort on a private visit, but took time to criticise European leaders over wind turbines and immigration claiming there won't be a Europe unless they 'get their act together'. 'I say two things to Europe. Stop the windmills. You're ruining your countries. I really mean it, it's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds,' he said. 'On immigration, you better get your act together,' he said. 'You're not going to have Europe anymore.' READ MORE US president Donald Trump waves as he drives a golf buggy the Trump Turnberry golf courses, in Turnberry on the south west coast of Scotland on July 26th, 2025. Photograph: AFP via Getty Images On Saturday morning, he abandoned a scheduled meeting with the press, who travelled with him on Air Force One, for a round of golf at his seaside course with music blaring from the buggy he drove. Sky News, stationed next to the course, reported the songs included Billy Joel's Uptown Girl, Elaine Paige's Memory and Simon and Garfunkel's Bridge over Troubled Water. Billed as a four-day family visit to Scotland, Trump is meeting European leaders and the British prime minister, Keir Starmer, raising hopes of new and refined trade deals with the EU and the UK. [ Epstein saga has exposed cracks in Maga movement which could fatally undermine Donald Trump Opens in new window ] On the prospects of an EU trade deal, the US president has said there were '20 sticking points'. When asked what they were, he said: 'Well, I don't want to tell you what the sticking points are.' He described von der Leyen as a 'highly respected woman' and said the meeting on Sunday with the EU chief would be 'good', rating the chances of a deal as 'a good 50-50'. It is understood von der Leyen and her aides will fly in on Saturday, with the European trade commissioner, Maroš Šefčovič, arriving on Sunday morning. It is expected the deal will centre on an outline agreement in principle over 15% tariff rates for exports including cars, but with a 50% tariff continuing on steel. There may also be a breakthrough deal on pharmaceuticals, setting a rate of 15% for exports. Although this would breach a longstanding World Trade Organisation agreement that medicines are rated at a zero tariff, it would be a far cry from the 200 per cent tariff Trump threatened to impose on pharmaceuticals earlier this month. This would have triggered a highly damaging trade war not just with Ireland, where many US multinationals are based, but Germany, Denmark, Belgium, France and Spain. Von der Leyen's spokesperson, Paula Pinho, said: 'Intensive negotiations at technical and political [level] have been ongoing between the EU and US. Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' It is believed the meeting will be held in Aberdeenshire and will be followed by a series of meetings with Starmer on Monday, with hopes he will widen the bare bones trade deal he struck in May. A major security operation surrounded the US president's golf round at the start of a five day long private visit to Scotland. A large number of police and military personnel have been spotted searching the grounds at the venue in South Ayrshire. Various road closures have been put in place, with limited access for both locals and members of the media. With no talks apparently scheduled for Saturday, the president – a well-known golf enthusiast – appears to be free to play the famous Turnberry course. However, protests have been planned, with opponents of Mr Trump expected to gather in both Edinburgh and Aberdeen later on Saturday and the Stop Trump coalition planning what it has described as being a 'festival of resistance'. As well as visiting Trump Turnberry, Mr Trump will head to Aberdeenshire later in his visit and is expected to open a second course at his golf resort in Balmedie. As he landed in Ayrshire on Friday, the president took questions from journalists, telling Europe to 'get your act together' on immigration, which he said was 'killing' the continent. He also praised Starmer, who he described as a 'good man', but added that the prime minister is 'slightly more liberal than I am'. Saturday will be the first real test of Police Scotland during the visit as it looks to control the demonstrations in Aberdeen and Edinburgh, as well as any which spring up near to the president's course. The force has asked for support from others around the UK to bolster officer numbers, with both organisations representing senior officers and the rank-and-file claiming there is likely to be an impact on policing across the country for the duration of the visit. Before the visit started, Mr Swinney appealed to Scots to protest 'peacefully and within the law'. - The Guardian and PA
RTÉ News
13 hours ago
- RTÉ News
Ireland faces 15% tariff reality as EU-US deal takes shape
The EU and US are edging closer to a trade deal revolving around tariffs of 15% imposed on European goods. The details of any agreement will be critical. Recent discussions have come close to an agreement only to be derailed at the last minute by the White House - and that could happen again. Based on what is known so far, the EU-US deal would include a baseline tariff of 15%. Some existing tariffs would be folded into that 15% meaning it would be an all-in tariff. For example, it would include the existing "most favoured nation" duties of 4.8% which exist currently under World Trade Organisation rules. However, there would be some exceptions. The punitive 50% rate on steel and aluminum, introduced by US President Donald Trump on exports from the EU, would remain in place. It is understood that what may emerge is an agreement between the two sides that sees the threatened 1 August cliff edge of 30% tariffs on EU goods removed. It is now long past time to strike a deal. Tánaiste Simon Harris says he remains "cautiously optimistic" a deal could be reached for a "positive future EU-US trading relationship within the coming days". He adds: "It is now long past time to strike a deal." Under the framework, which is being negotiated, the US would have some immediate implementation steps, but some aspects would still need further negotiations. In a boost for Irish exporters, it is expected aircraft, medical devices and spirits would be covered by a zero for zero tariff arrangement. The critical part for Ireland is what would happen to exports of pharmaceuticals and computer chips to the US. At present, there are no tariffs on either sector while the US holds an investigation on national security grounds into imports of those goods. However, indications are that the investigation may result in the EU seeing a 15% tariff imposed on both pharmaceuticals and computer chips once the process concludes. If that rate is introduced, it would have significant consequences. Pharmaceuticals are Ireland's biggest export to the US and were valued at €44bn last year. Any company faced with a new tariff is going to have to figure out how it will be paid. Exporters will be asking whether they can make internal savings, adjust supply chains or pass it on to customers? Donald Trump told Taoiseach Micheál Martin on St Patrick's Day that Ireland "took" American pharmaceutical companies. But despite Mr Trump's comments, no US drug manufacturer with an operation in Ireland has so far threatened to relocate to America. The baseline tariff of 15% for many companies would have significant effects. Simon McKeever, CEO of the Irish Exporters Association, said his organisation would be looking for a "tariff adjustment fund" largely based on the Brexit Reserve Fund of €1bn, which was introduced to help companies when the UK left the EU. While there may be relief if a deal is agreed it would be a much worse trading environment than Irish companies faced last year. Tariffs are fundamentally bad for an export-led economy such as Ireland. Globally, the removal of trade barriers over recent decades has lifted millions of people in developing countries out of poverty. But perhaps the most damaging aspect of the trade war is that it has created enormous uncertainty and put many investments on hold in Ireland and elsewhere. If a deal is agreed companies will know the future landscape. And that is likely to unlock investments which had been put on hold.
