Elliott tells Bloomberg wants to work with chair to address BP ‘shortcomings’

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.