Manifold will join the BP board on Sept. 1 and take over as chairman on Oct. 1, the company said in a statement Monday. He succeeds Helge Lund, who said in April he would step down from the role.

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The conclusion of the saga removes a stock overhang for Chevron and paves the way for the $53 billion deal to close immediately, which the oil giant said it could happen within a couple of days.