BP’s new Chair, Albert Manifold, emphasizes the need to accelerate the company’s return to oil and gas while simplifying its complex portfolio. He aims to divest $20 billion in assets to reduce net debt and increase annual cash flow by 20% by 2027.

Manifold’s appointment follows shareholder discontent over BP’s costly renewables expansion. Investors hope his success at Irish building materials group CRH will bring similar discipline to BP. Activist investor Elliott, holding over 5% of BP, pushes for cost-cutting and increased cash flow.

Manifold’s memo signals a shift away from BP’s renewables-heavy strategy under former CEO Bernard Looney. The board aims to move faster in executing their plans to address lower profitability and high debt levels. Manifold seeks to reshape BP’s portfolio and boost profitability by divesting assets.

Read more at Yahoo Finance: New BP Chair Urges Faster Pivot to Oil and Gas