Photo Credit: Getty Images
BP announced on Tuesday that it has ousted Chair Albert Manifold with immediate effect, citing concerns over governance standards, oversight, and conduct issues. Manifold had held the position for less than eight months, having been brought in to oversee a major strategy overhaul. His departure follows a period of significant instability at the company, including the dismissal of former CEO Bernard Looney less than three years ago for misleading the board about personal relationships with colleagues.
With Manifold fresh in the job, Looney’s successor Murray Auchincloss left abruptly in December, with no clear reason given for his exit.
Former Woodside CEO Meg O’Neill was immediately announced as BP’s fifth CEO since 2020 to accelerate the company’s shift in focus back to oil and gas and away from renewable energy, a strategy change announced by Auchincloss early last year.
In a statement on Tuesday, BP said its board had unanimously decided that Manifold — who has had the backing of activist hedge fund Elliott, which has built up a stake of around 5% in BP — should no longer serve as chair and director with immediate effect.
“This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said.“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,” said senior independent director Amanda Blanc. Blanc oversaw Manifold’s appointment in October.
BP shares were down almost 10% after the announcement and their trading briefly halted. They later pared some losses to trade down nearly 5%. An index of European energy companies was down less than 1%.
Manifold, who had never held a job in the energy industry before BP, had made a name for himself as the chief at building materials producer CRH whose portfolio he reshaped. He also moved its primary listing from Ireland to the U.S. and the share price rose.
BP announced his appointment last year after years of share underperformance against its rivals had prompted persistent takeover and break-up speculation.
Ian Tyler, a former chief of British construction group Balfour Beatty and on BP’s board since last year, will be interim chair.
