Manifold served as chair since October. A new CEO, Meg O’Neill, was appointed in December after Murray Auchincloss resigned unexpectedly, and she took over in April. Auchincloss became CEO in September 2023 after Bernard Looney left amid a probe into personal relationships within the company. BP has shifted back toward its core oil and gas business to improve performance, with stock gains and first-quarter earnings beating expectations. BP has also reduced the aggressive climate plan launched in 2020. Amanda Blanc said Manifold helped bring focus and pace to BP’s transformation, but the board was surprised by governance oversight and conduct issues and took decisive action. The company named Ian Tyler interim board chair while it searches for a permanent replacement.
"Amanda Blanc, BP's senior independent director, said in a statement that Manifold "has helped bring a welcome focus and pace to BP's transformation." But Blanc added: "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.""
"The Financial Times, citing people familiar with the matter, reports on behind-the-scenes controversy over Manifold's work. "Manifold's hands-on approach was viewed as excessive by several colleagues who saw the level of control he exerted as more akin to that of an executive chair," the paper reports."
"Catch up quick: In recent years,BP has pivoted back toward its core oil and gas business to boost performance that had lagged rivals. Its stock has outperformed some peers this year and first quarter earnings beat expectations, Bloomberg notes. BP has pulled back from the aggressive climate plan it launched under Looney in 2020."
"What's next: The company named Ian Tyler interim board chair while it seeks a permanent replacement."
Read at Axios
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