Elliott Calls on BP’s New Chair to Urgently Fix Shortcomings (1)

Elliott Investment Management, which is one of BP Plc’s largest shareholders, wants the energy giant’s incoming chairman to urgently improve the firm’s cost base and capital allocation, citing a weak turnaround plan.

BP on Monday appointed Albert Manifold as its new chairman, replacing Helge Lund amid pressure for a change in the company’s direction from the activist shareholder. Manifold, previously the boss of building materials company CRH Plc, will join BP as a non-executive director and chair-elect on Sept. 1.

“As one of BP’s largest shareholders, Elliott believes the company requires decisive and effective leadership to overcome its ...