12:47 PM EDT, 07/21/2025 (MT Newswires) -- BP (BP) shareholder and activist investor Elliott Investment Management urged the company's new chairman to quickly fix its high costs and the way it allocates capital, Bloomberg News reported Monday, citing Elliott

Earlier Monday, BP said it appointed Albert Manifold as chair of the board, effective Oct. 1. He will join the company's board on Sept. 1 as non-executive director and chair-elect. Manifold previously served as chief executive officer of CRH (CRH).

BP needs "decisive and effective leadership to overcome its chronic operational under-performance," Elliott said, according to Bloomberg. The firm added that given Manifold's history of creating shareholder value at CRH, it aims to work with him "to urgently address BP's shortcomings - particularly around its cost base, capital allocation and poorly received turnaround plan."

Elliott confirmed the statement to MT Newswires.

BP didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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