Major BP shareholder: New chairman must get swiftly get business under control

The new chairman of British oil group BP, Albert Manifold, must get the company’s operations back on track as quickly as possible, says major shareholder Elliott Investment Management, according to Bloomberg News.

“As one of BP’s largest shareholders, Elliott believes that the company needs decisive and effective leadership to overcome its chronic underperformance,” the shareholder says in a statement.

Irishman Albert Manifold was presented on Monday as the new chairman of BP, replacing Norwegian Helge Lund, who is also chairman of Novo Nordisk.

Elliott “looks forward to working with” the new chairman and “resolving BP’s shortcomings as quickly as possible,” referring to costs, capital allocation, and a poorly executed turnaround plan.

English edit by Dainel Frank Christensen