– Former BP Plc Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change.
Most Read from Bloomberg BP ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in its statement, but people close to BP who requested anonymity said there’d been complaints about aggressive behavior by Manifold toward employees, as well as of mishandling sensitive information and seeking to bypass the board. “I was removed without warning and without explanation,” Manifold said in an emailed statement. “I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged.” Manifold’s dismissal is the latest in a prolonged period of leadership upheaval at BP, which has included three chief executive officers in as many years, and raises fresh questions about the company’s internal processes at a time when it’s seeking to turn around years of poor performance
Manifold was seen as accelerating BP’s strategic reboot as the company had been under pressure. BP’s shares slumped 4% on Tuesday. They were down 1.3% as of 10:45 a.m. in London, slightly outperforming Shell Plc and TotalEnergies SE as oil prices declined.
The decision consolidates the authority of new Chief Executive Officer Meg O’Neill, who Manifold hired last year, and who has already begun to reshape the company — announcing a restructuring within a couple of weeks of starting in the role last month. “We had welcomed what looked to be a turnaround under Mr. Manifold, but we think serious questions do need to be asked about the wider board’s decision-making process,” Barclays Plc analyst Lydia Rainforth said in a note. The oil giant had underperformed rivals for years after former CEO Bernard Looney, who…