Elliott Investment Management, one of BP's largest shareholders, on Monday called on the energy giant's new chairman Albert Manifold to "urgently address BP's shortcomings". "Elliott believes the company requires decisive and effective leadership to overcome its chronic operational underperformance,

Major BP (NYSE:BP) shareholder Elliott Management wants the company's incoming chairman to urgently improve the cost base and capital allocation, Bloomberg reported Monday, after the company named former buildings materials company CRH's CEO Albert Manifold as the successor to replace outgoing chairman Helge Lund.

BP has been accused of “chronic underperformance” by US hedge fund Elliott as it stepped up pressure on the struggling oil giant’s board.