BP Sacks Chairman Albert Manifold Over Conduct Concerns
The oil firm named Ian Tyler interim chair after removing Manifold less than a year into the role.
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BP has removed Chairman Albert Manifold with immediate effect, citing “serious concerns” over governance standards, oversight and conduct, less than a year after he took the role.
The oil company named Ian Tyler as interim chair and said it had begun a search for a permanent replacement.
BP did not give further details on the reasons for Manifold’s removal.
The board acted after concerns were raised about Manifold’s behavior toward colleagues, Reuters reported, citing people familiar with the matter.
The BBC reported that the departure followed concerns over alleged “bullying” and “overbearing” conduct.
Senior independent director Amanda Blanc said Manifold had helped bring “welcome focus and pace” to BP’s transformation, but added that the board was “surprised and disappointed” to learn of governance and conduct issues it considered unacceptable.
Manifold disputed the characterization of his conduct in comments to Bloomberg News.
“I was removed without warning and without explanation,” he said. “I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged.”
BP shares fell as much as 9% in London after the announcement before paring losses to trade about 4% lower.
Tyler said BP’s board and leadership continued to believe in the company’s strategy and were focused on delivering stronger performance, financial discipline and shareholder returns.
