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 oil giant 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 trade 4.4% lower at £5.27 ($7.09) per share.
“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. CNN has attempted to contact Manifold for comment.
BP has appointed Ian Tyler as interim chair “with immediate effect,” while it looks for a permanent replacement.
Tyler said the company 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 Auchinloss, who was in the role for less than two years before O’Neill was announced his successor.
The Iran war has delivered a windfall to BP and other oil majors. 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.
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