THE NEW YORK TIMES: BP ousts chair Albert Manifold, citing ‘serious concerns’ over conduct
THE NEW YORK TIMES: The British oil giant has removed its chair, Albert Manifold, saying the board had ‘serious concerns’ about his leadership, less than a year after he was appointed.
LONDON — The British oil giant BP said Tuesday that it had removed its chair, Albert Manifold, saying the board had “serious concerns” about his leadership, less than a year after he was appointed.
“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, the senior independent director at BP, said in a statement.
The company did not elaborate on the details of the ouster, but it said Ian Tyler, a board member since last April, would serve as interim chair.
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BP has gone through a series of leadership changes in recent years, amid investor discontent. In December, the company replaced its CEO, Murray Auchincloss, with Meg O’Neill, who had led Woodside Energy, Australia’s largest oil and gas company.
Auchincloss’ predecessor, Bernard Looney, stepped down in 2023 after acknowledging that he had failed to disclose past personal relationships with colleagues.
Under Looney’s guidance, BP pivoted away from oil and gas production and invested heavily in renewable energy. That strategy backfired, however, after it alienated some investors and sent the company’s shares spiraling.
Facing growing pressure from shareholders, BP has renewed its focus on oil and gas production.
Manifold was considered an architect of BP’s strategy revamp. “Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes,” he said in December.
Last month, BP faced restive investors at its annual shareholder meeting, with some company-backed resolutions, including one related to climate disclosures, failing to gain majority support.
The company also excluded a resolution proposed by a climate action group, which set off a backlash among some shareholders and advisory firms. About a fifth of shareholders voted against Manifold’s reappointment as chair, a relatively large opposition to a normally routine proposal.
The oil company’s stock is still up nearly 20% this year, propelled by the surge in oil prices since the war in Iran started in late February. BP reported a profit of more than $3 billion in the first quarter.
This article originally appeared in The New York Times.
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Originally published on The New York Times
