BP Just Ousted Its Chairman for ‘Unacceptable’ Conduct — He’d Been on the Job Less Than Eight Months
Albert Manifold was brought in to revamp the oil giant. Then a whistleblower report surfaced and the board took decisive action.
The details are still slippery, but BP’s board just took the extraordinary step of ousting its chairman. The London-based oil giant removed Chairman Albert Manifold on Tuesday, citing “serious concerns” over governance standards, oversight and conduct, . Four sources cited aggressive and “unacceptable” behavior toward colleagues across the company, and one said the board acted after a whistleblower report revealed a pattern. Manifold had been on the job less than eight months. Shares briefly fell nearly 10% on the news.
The firing caps a chaotic stretch for BP, which has churned through leadership since 2020. Manifold, a former CRH chief with no prior energy experience, was brought in last year to accelerate the company’s pivot back to oil and gas after an ill-fated bet on renewables.
“Here we go again,” Barclays analysts wrote, questioning the board’s decision-making. Existing director Ian Tyler takes over as interim chair, inheriting a company that just doubled its first-quarter profit and saw shares climb 20% this year, even as its boardroom keeps emptying out.
The details are still slippery, but BP’s board just took the extraordinary step of ousting its chairman. The London-based oil giant removed Chairman Albert Manifold on Tuesday, citing “serious concerns” over governance standards, oversight and conduct, . Four sources cited aggressive and “unacceptable” behavior toward colleagues across the company, and one said the board acted after a whistleblower report revealed a pattern. Manifold had been on the job less than eight months. Shares briefly fell nearly 10% on the news.
The firing caps a chaotic stretch for BP, which has churned through leadership since 2020. Manifold, a former CRH chief with no prior energy experience, was brought in last year to accelerate the company’s pivot back to oil and gas after an ill-fated bet on renewables.
“Here we go again,” Barclays analysts wrote, questioning the board’s decision-making. Existing director Ian Tyler takes over as interim chair, inheriting a company that just doubled its first-quarter profit and saw shares climb 20% this year, even as its boardroom keeps emptying out.
