Elliott Investment Management, one of BP‘s (BP) largest shareholders, wants the incoming chairman to “urgently” improve the firm’s cost base and capital allocation, reported Bloomberg’s Swetha Gopinath, citing a statement from the activist firm. “As one of BP’s largest shareholders, Elliott believes the company requires decisive and effective leadership to overcome its chronic operational under-performance,” a spokesperson told Bloomberg after BP appointed Albert Manifold as its new chairman. Elliott said it looks forward “to working with him to urgently address BP’s shortcomings,” the news service added.
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