BP named outsider Albert Manifold, the former boss of building materials producer CRH , as its new chairman on Monday, as it grapples with a major strategy reversal in an attempt to turn around a weak share performance.

The energy giant picked an energy-industry outsider to oversee a strategy revamp aimed at reviving the oil major’s fortunes.

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.