BP Names New Chairman With Elliott Demanding Urgent Fixes

BP Plc, under pressure from activist investor Elliott Investment Management to improve its performance, appointed the former boss of a building-materials company as its new chairman, replacing Helge Lund.

The London-based company said Monday that Albert Manifold, previously chief executive officer of CRH Plc, will join as a non-executive director and chair-elect on Sept. 1. Lund, who already announced in April that he was going to step down, will depart on Oct. 1.