BP has given its backing to Amanda Blanc to lead the search for a new chair, despite City concerns over her suitability for the role. The move comes as the company looks to recover from a tumultuous period under predecessor Albert Manifold, who left after just 10 months in the position. Manifold's departure was followed by a series of high-profile exits, including that of chief executive Bernard Looney, who stepped down in February.
Amanda Blanc, who is currently the company's senior independent director, has been tasked with leading the search for a new chair. Her appointment has been met with unease in the City, with some investors expressing concerns over her ability to bring stability to the board.
Blanc has a strong background in the insurance industry, having previously served as chief executive of Aviva. However, some critics have questioned whether her experience is sufficient to lead a major energy company like BP.
The appointment of a new chair is seen as crucial for BP's future, with the company facing significant challenges in the wake of the Ukraine conflict and the ongoing transition to renewable energy. The role is likely to be highly sought after, with several high-profile candidates already expressing interest.
BP's decision to back Blanc for the role has been seen as a surprise by some, given the concerns over her suitability. However, the company has insisted that she is the right person for the job, citing her experience and expertise in the industry.