BP removes board chair, citing “conduct” concerns
BP removed board chair Albert Manifold on Tuesday, citing “serious concerns” about “governance standards, oversight and conduct.”
Why it matters: BP has lost its CEO and now its board chair in the span of six months, the latest leadership turmoil for a company that has cycled through CEOs during its strategic pivot.
- Manifold had been chair since October.
- New CEO Meg O’Neill was appointed in December following the surprise resignation of Murray Auchincloss after roughly two years in the role. She took over in April.
- Auchincloss took the reins in September 2023 after then-CEO Bernard Looney abruptly left amid a probe into his personal relationships within the company.
Catch up quick: In recent years, BP has pivoted back toward its core oil and gas business to boost performance that had lagged rivals.
- Its stock has outperformed some peers this year and first quarter earnings beat expectations, Bloomberg notes.
- BP has pulled back from the aggressive climate plan it launched under Looney in 2020.
State of play: Amanda Blanc, BP’s senior independent director, said in a statement that Manifold “has helped bring a welcome focus and pace to BP’s transformation.”
- But Blanc added: “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
The intrigue: The Financial Times, citing people familiar with the matter, reports on behind-the-scenes controversy over Manifold’s work.
- “Manifold’s hands-on approach was viewed as excessive by several colleagues who saw the level of control he exerted as more akin to that of an executive chair,” the paper reports.
What’s next: The company named Ian Tyler interim board chair while it seeks a permanent replacement.
المصدر: Axios