BP fires chair Albert Manifold over governance concerns months into job
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The news: BP has ousted its chairman Albert Manifold with immediate effect, citing “serious concerns” about governance standards, oversight and conduct just eight months after he took the role, the company said in a statement.
Senior independent director Amanda Blanc said in a statement that “the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
The context: The Financial Times reported, citing people familiar with discussions inside BP, that several colleagues viewed Manifold as too aggressive, operating more like an executive chair than a non-executive, that he at times spoke down to senior staff and was described by one person close to the board as “shouty.”
One person told the paper that Manifold had withheld important information from other board members. The FT also reported that Manifold had attempted to restrict chief executive Meg O’Neill’s ability to meet independently with non-executive directors.
The board unanimously decided on the removal. Board member Ian Tyler was appointed interim chair and said in a statement that BP’s leadership has “deep conviction in the strategic direction we have laid out” and has been “very impressed” with O’Neill.
BP said it would launch a process to find a permanent chair. Shares fell as much as 10% before paring losses to around 5 to 6%.
The sources: BP, The Financial Times
