bp names former Balfour Beatty boss as permanent chair

British oil and gas major bp has appointed Ian Tyler, former chief executive of building group Balfour Beatty, as permanent chair of its board, the company said, Reuters reports.

Tyler takes over from Albert Manifold, who was dismissed in May over governance and conduct concerns, less than eight months after taking the chair to help oversee bp’s efforts to refocus its business on oil and gas.

Amanda Blanc, bp’s senior independent director who oversaw the appointments of both Manifold and Tyler, will not seek re-election at next year’s annual general meeting. She will step down once a successor has been appointed, bp said.

Tyler joined bp’s board as an independent director last year and replaced Manifold on an interim basis in May. He also chairs building materials company Grafton Group and serves as senior independent director at mining group Anglo American.

“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 added that 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.

bp shares were up 0.2% at 0720 GMT, compared with a 0.8% gain for the broader European energy sector. The stock has gained around 25% so far this year, broadly matching the performance of shares in rival Shell.

The US-Iran war has boosted profits across major oil companies, particularly those with large trading operations such as bp and Shell.

bp Chief Executive Meg O'Neill, who took over in April, outlined five priorities for the company last month: strengthening the balance sheet, simplifying the portfolio, tightening investment discipline, improving operational performance, and creating structures that enable faster decision-making and greater accountability.

The company aims to increase profitability while reducing net debt to a targeted range of $14 billion to $18 billion by 2027.

By Vafa Guliyeva