BP PLC (LSE:BP.) chairman Helge Lund is stepping down after almost seven years in the role, with former CRH boss Albert Manifold appointed to succeed him.
A significant portion of BP's shareholders have expressed dissatisfaction with the company's direction under Lund's leadership, which was evident in the recent vote at BP's annual general meeting where nearly a quarter voted against his re-election.
The group announced in April that he was stepping down "in due course" and that a search had begun for his replacement.
Manifold, who built Dublin-based construction materials group CRH into a FTSE 100 force over two and a half decades, will join the board on 1 September as non-executive director and chair-elect, and will move up to the senior role on 1 October, the oil company said in a statement on Monday.
Lund, who joined the board in January 2019, will leave the board at that point.
BP highlighted how, as boss of construction materials group CRH, Manifold "strategically reshaped its portfolio" and flagged his track record of "strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation".
Other board roles Manifold holds include a non-executive directorships at New York-listed chemicals producer LyondellBasell and privately-owned Mercury Engineering. He is also an adviser as private equity giant Clayton Dubilier & Rice.
Dame Amanda Blanc, BP's senior independent director, also highlighted his "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 by building on its rich heritage to deliver superior growth, cash generation and returns.
In April, BP said Lund would be stepping down amidst mounting discontent over the company’s strategic "reset" announced earlier this year.
Shares in BP have fallen by around a fifth during Lund's time in the chair.