BP ousts chairman over ‘serious concerns’ about his conduct
By Hanna Ziady, CNN
London (CNN) — BP said Tuesday it had dismissed its chairman Albert Manifold after less than a year in the role, citing “serious concerns” about “governance standards, oversight and conduct.”
The surprise ouster marks the latest leadership turmoil at the British oil giant, which has seen several CEOs depart abruptly under a cloud.
The company declined to provide further details about the alleged failings related to governance and conduct when contacted by CNN, but said the board’s decision to remove Manifold was unanimous. BP’s shares fell as much as 9% in London immediately following the announcement, before paring losses to close 4% lower at £5.29 ($7.11) per share. The stock was still under pressure Wednesday, falling around 1.5%.
“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,” Amanda Blanc, senior independent director at BP, said in a statement.
Manifold, the former CEO of Irish building materials company CRH, succeeded Helge Lund as BP chair on October 1. In a statement shared with CNN Wednesday, he pushed back against the company’s decision to remove him.
“I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged,” Manifold said.
“I was removed without warning and without explanation. During my time as chairman I worked to drive genuine change at BP – cutting costs, challenging excess, and holding the organisation to higher standards.”
BP has appointed Ian Tyler as interim chair “with immediate effect,” while it looks for a permanent replacement, the company said.
Tyler said BP was “moving at pace” to deliver on “the strategic direction we have laid out” and had been “very impressed” with Meg O’Neill, who became its first female CEO in April.
“Under her leadership we are building a simpler, stronger, more valuable BP,” he added.
O’Neill, the former chief executive of Australia’s Woodside Energy, is BP’s third CEO since 2020 and the first external candidate to ever lead the company.
Leadership, strategy struggles
BP has had several difficult years, marked by flip-flops on strategy and leadership instability. In 2023, it backtracked on splashy plans announced less than three years earlier to slash oil and gas production and transform into a green energy company, under then CEO Bernard Looney.
Looney resigned later that year after admitting that he had not properly disclosed past relationships with colleagues. He was succeeded by the company’s chief financial officer, Murray Auchincloss, who was in the role for less than two years before O’Neill was announced his successor.
“The announcement of Albert Manifold’s departure is certainly a surprise, albeit BP has had more than its fair share of senior personnel leaving the company abruptly over the past 20 years,” Maurizio Carulli, global energy analyst at asset manager Quilter Cheviot wrote in a note.
Alongside Looney and Auchincloss, Carulli cited Lord John Browne, who stepped down in 2007 after it emerged that he had lied to a UK court, and Tony Hayward, who resigned in 2010 in the aftermath of the Deepwater Horizon oil spill in the Gulf of Mexico.
Notwithstanding its struggles, BP appears to be on a stronger footing this year. The company’s share price is up roughly 20% year-to-date so far, and the Iran war has delivered a profit windfall. BP’s profits more than doubled in the first three months of the year, as the company’s oil traders made the most of the wild swings in oil prices triggered by the conflict.
The-CNN-Wire
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