BP ousts chair over conduct in latest leadership upheaval

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.

Allegations of behaviour issues

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.

• SOCAR, Uzbekneftegaz and BP launch energy partnership
• BP to begin Caspian seismic survey for ADUA project

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.

Leadership turmoil continues

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.

Market reaction and investor links

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.

Background and shareholder pressure

Manifold, who previously led building materials group CRH, was appointed amid speculation over BP’s future following years of underperformance compared to rivals.

• BP: No Export Delays After Chloride Found at Ceyhan Terminal
• Shell denies talks to buy BP amid £60 billion takeover rumours

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.

Interim leadership

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.

Tags

News World Business Brithish Petroleum Crude oil