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.

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 Investment Management, which is one of BP Plc’s largest shareholders, wants the energy giant’s incoming chairman to urgently improve the firm’s cost base and capital allocation, citing a weak turnaround plan.