BP's New Chairman Vows to Simplify Portfolio, Refocus on Core Oil and Gas Business
BP's new Chairman, Albert Manifold, has wasted no time in outlining his plans for the company. On his second day in office, he issued an internal memo, expressing his support for the current strategic direction but calling for faster implementation. Manifold believes BP's portfolio is excessively complex and aims to simplify its structure, including its free portfolio sites.
Manifold's memo comes after a period of internal challenges and management changes at BP. He succeeds Helge Lund and has pledged his full support for BP CEO Murray Auchincloss and his leadership team. The strategic shift is a response to pressure from activist investor Elliott, who has been pushing for a refocus on BP's core business of oil and gas, often referred to as 'black gold'.
Manifold's plans involve simplifying BP's complex portfolio structures, including its free portfolio sites, a move he believes will help the company return to its profitable roots. He aims to realign the company towards its core competencies, a goal that has been echoed by Elliott and other stakeholders.
BP Chairman Albert Manifold has begun his tenure by outlining his plans to simplify the company's complex portfolio and refocus on its core oil and gas business, including its free portfolio sites. His memo signals a commitment to faster implementation of the company's strategic direction, a move that has been welcomed by activist investors and stakeholders alike.
