BP has appointed Ian Tyler, former CEO of building group Balfour Beatty, as its permanent chair, it said today, after it fired Albert Manifold in May, citing governance and conduct concerns.
BP shares have gained 25% so far this year, in line with gains for shares in Shell. The US-Iran war has boosted profits for oil majors, especially for those with large trading desks such as the two British groups.
Tyler, who also chairs Dublin-headquartered building materials firm Grafton Group and is senior independent director for mining company Anglo American, joined BP's board last year and had replaced former chair Manifold on an interim basis in May.
"I will lead the board's evolution, ensuring we have the depth, experience and capabilities needed to support the company's strategic priorities and long-term value creation," Tyler said in a statement.
He also said he would establish "regular and transparent engagement" with shareholders.
"Given the significance of the role, Ian will review his existing board commitments to ensure that he can devote the appropriate time and attention to the company," BP said.
Full story BP appoints former Balfour Beatty CEO Ian Tyler as chair
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