(Reuters) -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,” a spokesperson for Elliott told Reuters in an emailed statement.

BP has slashed planned renewables spending in a major strategy shift aimed at boosting earnings and investor confidence, while its falling share price has fuelled takeover and break-up speculation.

Bloomberg News first reported Elliott’s comments earlier on Monday.

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber)