logo
BP appoints former CRH boss Albert Manifold as new chairman

BP appoints former CRH boss Albert Manifold as new chairman

Glasgow Times2 days ago
Albert Manifold, who was chief executive of CRH for 10 years until last December, will join the oil giant as chairman-elect on September 1 before taking over as chairman on October 1.
Mr Lund had announced plans in April to step down 'in due course', but the group said it would probably take until 2026 to find his successor.
Albert Manifold (Niall Carson/PA)
Shares in BP lifted 1% in early morning trading.
Aviva chief executive Dame Amanda Blanc, BP's senior independent director who led the hunt for Mr Lund's successor, said Mr Manifold was 'the ideal candidate to oversee BP's next chapter'.
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.'
CRH, which has its headquarters in Ireland, switched its stock market listing from London to New York in 2023 and has since seen its share price rocket by 74%.
Speculation has swirled over whether BP will move its London listing to Wall Street after activist investor Elliott Management built up a stake in the group.
But BP chief executive Murray Auchincloss has previously dismissed the rumours, saying in April the group had no plans to change its listing.
Mr Lund has been chairman since 2019, but he has presided over a more challenging past few years for the firm.
He oversaw the hiring of former chief executive Bernard Looney, who quit in September 2023 after failing to disclose his past relationships with company colleagues.
Mr Lund also played a key part in overseeing the group setting its net zero agenda, but the firm has since rowed back on the shift towards green energy.
BP bowed to pressure from shareholders by vowing to accelerate investment in oil and gas while slashing renewable spending by nearly three-quarters.
In a major rebuttal for a FTSE 100 company, Mr Lund received a near 25% vote against his re-election at the firm's annual general meeting in April.
Ahead of the AGM, a group of 48 institutional investors had criticised the board for not offering a direct vote on the oil major's revised strategy, while environmental groups fiercely criticised the climate row-back.
The vote was largely seen as a protest, as Mr Lund had already announced his departure at the time of the AGM.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Informa slumps to £254m loss as dollar and US tech spin-off weigh
Informa slumps to £254m loss as dollar and US tech spin-off weigh

Daily Mail​

time4 minutes ago

  • Daily Mail​

Informa slumps to £254m loss as dollar and US tech spin-off weigh

Informa shares jumped on Wednesday despite the publisher and events organiser slumping to a loss after shouldering a major impairment over the first half. The FTSE 100 firm, which owns academic publisher Taylor & Francis, posted a statutory pre-tax loss of £254.2million, compared to a £237.4million profit over the same period last year. Informa faced a £484.2million non-cash impairment related to its TechTarget business, which was spun-off and listed in the US late last year. The marketing business has seen its share price slump 70 per cent since its December IPO, meaning its market capitalisation has fallen below its net assets and resulting in the impairment TechTarget saw a 4.3 per cent decline in underlying revenues during the first half, which Informa blamed on a 'subdued market backdrop'. Its tech customers are prioritising 'AI-related research and development over investment in product marketing and sales support', according to Informa. But the wider Informa business still saw bumper reported revenue growth of 20.1 per cent to just over £2billlion over the period, as it benefited from new product lines as well as strong growth in live business-to-business events and academic markets. And Informa expects momentum to be maintained as it upgraded it full-year underlying revenue growth guidance from around 5 per cent to more than 6 per cent, helped by growth of more than 8 per cent in live business to business events. The upgrade comes despite further weakening of the US dollar, which has fallen roughly 7.6 per cent since the start of 2025. Informa claims that every cent movement in the dollar impacts its revenues by around £18million and adjusted operating profit by roughly £7million on a full year basis. The group also revealed a fresh £150million share buyback programme for the second half, after buying £200million back at an average price of 757p during the first. Boss Stephen A. Carter sad: 'Informa is further increasing the pace of performance, delivering 20 per cent+ growth in our four key performance measures: revenues, profits, earnings and free cash flow. 'Informa is built around world class brands, leading International market positions, first party data and, most importantly, colleagues with specialist expertise and a passion to deliver for customers.' Informa shares were up 5.7 per cent to 873.4p in early trading, bringing 2025 gains to around 8 per cent.

FTSE 100 hits record high as investors assess earnings, US-Japan trade deal
FTSE 100 hits record high as investors assess earnings, US-Japan trade deal

Reuters

time2 hours ago

  • Reuters

FTSE 100 hits record high as investors assess earnings, US-Japan trade deal

July 23 (Reuters) - London's main stock indexes hit a fresh record high on Wednesday, helped by positive corporate updates, while a U.S.-Japan trade deal also boosted global sentiment. The benchmark FTSE 100 (.FTSE), opens new tab was last up 0.5% by 0936 GMT. The domestically oriented midcap FTSE 250 (.FTMC), opens new tab gained 0.3%. U.S. President Donald Trump struck a trade deal with Japan, lowering tariffs on auto imports and sparing Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. The UK's automobiles and parts index (.FTNMX401010), opens new tab rose 1.7%, tracking strength in Asian rivals. Aston Martin (AML.L), opens new tab rose 7.1%. Media stocks (.FTNMX403010), opens new tab led sectoral gains, up 2.4%, boosted by Informa's (INF.L), opens new tab 5.4% rise after the events and academic publishing group raised its annual underlying revenue growth forecast. Healthcare stocks (.FTNMX201030), opens new tab rose 2.2%, with AstraZeneca (AZN.L), opens new tab extending its yesterday's gain, up 2.7%, following the announcement of a $50 billion investment to expand U.S. manufacturing. Conversely, construction and materials (.FTNMX501010), opens new tab stocks lost 0.9%, with Breedon Group (BREE.L), opens new tab down 10.8%, after the company forecast annual results at the low end of market expectations. In company news, J D Wetherspoon (JDW.L), opens new tab gained 3% after the pub group reported a rise in sales in recent weeks since May. Shares of precious metals company Hochschild Mining (HOCM.L), opens new tab rose 7.1% on stronger-than-expected quarterly silver output. British stocks have rallied this year, pushing the FTSE 100 to all-time highs in recent weeks, as hopes of interest rate cuts, optimism over the UK-US trade deal and a surge in commodity prices lifted sentiment. Traders are currently pricing an 87.9% chance of a 25-basis-point BoE cut next month, as per data compiled by LSEG. This week, attention is on the UK flash Purchasing Managers' Index for July and retail sales data for June. Meanwhile, India and Britain will sign a free trade agreement on Thursday during Indian Prime Minister Narendra Modi's UK visit, officials said.

Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources
Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources

Reuters

time4 hours ago

  • Reuters

Newly sanctioned Indian refiner Nayara skips naphtha export tender award, say sources

NEW DELHI, July 23 (Reuters) - Russia-backed Indian refiner Nayara Energy, sanctioned by the European Union, did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. This is the first case of the private refiner skipping the award of a tender since the European bloc released its 18th package of sanctions last week, which included Nayara Energy, part-owned by Rosneft ( opens new tab. Nayara, which operates a 400,000 barrels-per-day refinery in western Gujarat state, had revised the terms and sought advance payment or a letter of credit for sale of the 33,000–35,000 metric ton cargo scheduled for August 14-18 loading. The tender closed on Monday. Nayara did not immediately respond to Reuters' emails seeking comment. A tanker chartered by energy major BP left a port run by Nayara Energy without loading, a sign fresh European Union curbs on Russia are beginning to bite. Nayara has condemned the EU's decision to impose sanctions on the company as "unjust and unilateral".

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store