Albert Manifold ousted as BP chair over governance and conduct concerns

BP shares dropped more than 4% in the US and UK after chairman Albert Manifold was removed effective immediately after eight months. BP said serious concerns were raised to the board about governance standards, oversight, and conduct, without specifying details. Manifold’s departure followed a broader pattern of leadership changes, including the firing of CEO Bernard Looney for lying about personal relationships and the abrupt exit of Looney’s successor Murray Auchincloss. Ian Tyler became interim chair. Meg O’Neill was named CEO to accelerate a shift back toward oil and gas away from renewable energy. The board unanimously decided Manifold should leave as chair and director, citing unacceptable governance issues.

"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 about 5 percent 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 Manifold is out as chairman of British Petroleum (BP), effective immediately after only eight months on the job. His exit on Tuesday comes amid serious concerns that were raised to the oil and gas giant's board about important governance standards, oversight and conduct, the company said in a statement, but did not elaborate on what those concerns entailed."

"A BP spokesperson declined to give further details. “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."

"Manifold's departure comes amid a wave of leadership changes at the London-based energy giant. Three years ago, CEO Bernard Looney was fired after he lied about personal relationships with colleagues. Ian Tyler, a former chief of British construction group Balfour Beatty and who has been on BP's board since last year, will be interim chair. With Manifold new in the job, Looney's successor Murray Auchincloss left abruptly in December, with no clear reason given for his exit."

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