1 week ago
The ousted chair of BP, Albert Manifold, has accused nan lipid institution of firing him without informing and disputed reports astir his conduct, amid nan latest boardroom turmoil to stone nan company.
In an emailed statement, Manifold said he was “removed without informing and without explanation” by nan FTSE 100 company.
The erstwhile chair added: “I conflict wholly nan characterisation of my behaviour and I will not let a mendacious communicative to spell unchallenged.”
BP announced Manifold’s departure pinch contiguous effect connected Tuesday aft little than a twelvemonth successful nan role, expressing superior concerns about his governance standards, oversight and conduct.
Manifold’s behaviour pinch different colleagues crossed nan institution was described arsenic aggressive, according to reports. Reuters reported that nan committee received capable accusation aft a whistleblower study to find a shape of unacceptable behaviour, according to a source.
The Financial Times reported that elder colleagues felt belittled by Manifold, while he was besides seen arsenic trying to exert power arsenic if he were an executive alternatively than a chair.
Manifold was appointed arsenic BP’s chair successful October 2025, aft serving arsenic main executive of nan Irish building materials institution CRH.
He was tasked pinch overseeing nan continued change successful nan lipid company’s strategy, to refocus connected fossil substance extraction and ditch renewable power investments aft nan company’s abandoned effort to reinvent itself arsenic a nett zero power institution nether nan erstwhile chair Helge Lund. Lund was pushed retired by investor pressure, including from nan US hedge money Elliott Advisors.
Manifold wasted small clip connected presence astatine BP successful ousting nan main executive, Murray Auchincloss, aft little than 2 years successful nan role, and hired a erstwhile ExxonMobil executive, Meg O’Neill successful December.
O’Neill, who astir precocious served arsenic nan caput of nan Australian lipid institution Woodside Energy, joined BP astatine nan commencement of April. O’Neill is BP’s 5th main executive since 2020 and is expected to accelerate nan company’s displacement distant from renewables.
Manifold said successful his connection that he “worked to thrust genuine alteration astatine BP – cutting costs, challenging excess, and holding nan organisation to higher standards” and added nan committee had “acknowledged nan attraction and pace” he brought.
BP signalled connected Tuesday it would proceed nan strategy aft Manifold’s departure, arsenic it originates its hunt for its 3rd chair successful 2 years.
The committee personnel Ian Tyler, a erstwhile main executive of nan FTSE 250 infrastructure group Balfour Beatty, has been appointed arsenic nan interim chair while a hunt for a imperishable replacement takes place.
BP’s stock value slid further connected Wednesday morning, aft closing down 4% connected Tuesday aft nan announcement of Manifold’s departure.
Rich McDonald, a financial markets presenter astatine nan investing and trading level IG, said Manifold’s firing represented “another activity daze astatine 1 of Britain’s astir important companies”, prompting nan mobility “whether BP is becoming progressively ungovernable”.
