BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
“This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said in a statement.
A spokesperson declined to give further details, and Reuters could not immediately reach Manifold for comment.
Four sources familiar with the matter, including one close to BP’s board, said the decision followed allegations of aggressive and unacceptable behaviour towards colleagues.
One source said the board had received sufficient information from a whistleblower report to establish a pattern of misconduct.
“These issues were deemed unacceptable,” one source said.
The sources spoke on condition of anonymity as they were not authorised to speak publicly.
Senior independent director Amanda Blanc said the board had been “surprised and disappointed” by the findings.
“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” she said.
Manifold’s departure comes less than eight months after he took the position, during a period of significant leadership upheaval at BP.
The company has faced repeated senior-level changes in recent years. Former chief executive Bernard Looney was dismissed less than three years ago after failing to disclose personal relationships with colleagues.
His successor, Murray Auchincloss, also left abruptly in December without a clear explanation.
Meg O’Neill, former chief executive of Woodside, was then appointed as BP’s fifth CEO since 2020, tasked with accelerating a strategic shift back towards oil and gas and away from renewable energy.
BP shares fell sharply following the announcement, dropping nearly 10% before partially recovering to trade about 4% lower.
Manifold had the backing of activist hedge fund Elliott, which has built a stake of around 5% in the company. Elliott declined to comment.
Manifold, who previously led building materials group CRH, was appointed amid speculation over BP’s future following years of underperformance compared to rivals.
Under his leadership, BP’s board was reduced in size, with several senior figures departing, including Shell’s former chief financial officer Simon Henry.
At BP’s annual general meeting in April, two board resolutions failed to pass, and Manifold’s reappointment received only about 82% support, below typical levels for directors.
Proxy advisory firm Glass Lewis had criticised him at the time, saying he was ultimately responsible for excluding a shareholder resolution proposed by climate activist group Follow This.
Ian Tyler, a BP board member and former head of construction firm Balfour Beatty, has been appointed interim chair as the company seeks a permanent replacement.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar wi...
An Iranian tanker was hit by U.S. forces on Saturday near Iran's key oil export hub, Kharg Island, in the Gulf...
Spanish authorities are preparing a new site in Ceuta to accommodate hundreds of migrants who remain on the str...
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, according to three senior Iranian sources. Washington is escalating pressure in hopes of securing concessions in future negotiations.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4th of September, covering the latest developments.
Two people have been rescued alive from a tunnel in Nepal, nine days after catastrophic floods devastated the country, as rescuers continue searching for survivors.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment