BP has appointed Albert Manifold, the former chief executive of building materials giant CRH, as its incoming chairman, replacing Helge Lund after a difficult past few years in the role.
Manifold is set to join the oil giant as chairman-elect on September 1 before taking over as chairman on October 1.
Lund had announced plans in April to step down "in due course," but the group said it would probably take until 2026 to find his successor.
Shares in BP rose 1% in early morning trading.
Dame Amanda Blanc, Aviva's chief executive and BP's senior independent director, who headed the search for Lund's successor, described Manifold as "the ideal candidate to oversee BP's next chapter".
She praised his "relentless focus on performance" and credited him with transforming CRH into a "global leader."
CRH, which has its headquarters in Ireland, switched its stock market listing from London to New York in 2023 and has since seen its share price rocket by 74%.
Speculation has swirled over whether BP will move its London listing to Wall Street after activist investor Elliott Management built up a stake in the group.
However, BP chief executive Murray Auchincloss has previously dismissed such rumours, stating in April that the group had no plans to change its listing.
Mr Lund has been chairman since 2019, but he has presided over a more challenging past few years for the firm.
He oversaw the hiring of former chief executive Bernard Looney, who quit in September 2023 after failing to disclose his past relationships with company colleagues.
Lund also played a central role in establishing BP's net zero agenda, though the company has since retreated from its green energy commitments.
BP bowed to shareholder pressure by promising to accelerate investment in oil and gas whilst slashing renewable spending by nearly three-quarters.
In a major rebuttal for a FTSE 100 company, Lund received a near 25% vote against his re-election at the firm's annual general meeting in April.
Ahead of the AGM, a group of 48 institutional investors had criticised the board for not allowing shareholders a direct vote on the oil major's revised strategy.
The vote was largely viewed as a protest, given that Lund had already announced his departure plans by the time of the meeting.
(PA) Note: This article has been edited with the help of Artificial Intelligence.
