BP rocked by another scandal as Chair Albert Manifold ousted
BP has removed Chair Albert Manifold from his position with immediate effect, citing governance and conduct issues, as four sources allege aggressive and unacceptable behavior towards colleagues.
A BP spokesperson declined to provide further details, and attempts to reach Manifold for comment were unsuccessful.
Manifold’s departure comes less than eight months after taking on the role to oversee a strategy revamp, following a series of scandals and leadership changes at BP. Former BP CEO Bernard Looney was fired less than three years ago for dishonesty with the board regarding personal relationships.
Shortly after Manifold’s appointment, Looney’s successor, Murray Auchincloss, left abruptly in December without a clear explanation. Meg O’Neill, former Woodside CEO, was swiftly announced as BP’s fifth CEO since 2020 to steer the company’s focus back to oil and gas from renewable energy.
BP board unanimously decided to remove Manifold
According to a statement by BP on Tuesday, the board unanimously agreed that Manifold should no longer serve as chair and director due to concerns related to governance standards, oversight, and conduct.
“Albert has helped drive BP’s transformation, but the board was surprised and disappointed by governance oversight and conduct issues that it deemed unacceptable,” said senior independent director Amanda Blanc.
Four sources familiar with the situation, one close to BP’s board, cited alleged aggressive behavior towards colleagues as a reason for Manifold’s removal. The sources, requesting anonymity, mentioned a pattern of unacceptable behavior following a whistleblower report.
Elliott, the activist hedge fund backing Manifold, declined to comment on the matter.
BP shares dropped nearly 10% following the announcement of Manifold’s removal and temporarily halted trading, later recovering to around 4% down. The European energy companies index also saw a slight decline.
Manifold appointed amid takeover speculation
Manifold, previously in the building materials industry, took on his first role in the energy sector as BP’s chairman. His appointment came after years of underperformance in BP’s shares, leading to takeover speculations.
Under Manifold’s leadership, BP’s board underwent changes, including the departure of Shell finance chief Simon Henry. In April, at BP’s annual general meeting, Manifold faced lower support than usual for his chairmanship.
Ian Tyler, a member of BP’s board since last year and former chief of Balfour Beatty, will serve as interim chair following Manifold’s removal.
