BP dismisses its president with immediate effect for serious misconduct
The board of directors dismisses Albert Manifold unanimously in a new setback for the oil company, which already accumulates five chief executives since 2020
BarcelonaThe oil company British Petroleum has dismissed its chairman, Albert Manifold, with immediate effect, citing "serious concerns" related to management, supervision, and conduct standards. The board of directors of the British company has made the decision unanimously, in a new setback for a company that has accumulated five CEOs since 2020 and a long chain of strategic and leadership turbulence.
Manifold, who had assumed the chairmanship last October with the aim of overseeing BP's return to the oil and gas business, thus becomes another sudden departure from the company's management. According to information published by the Financial Times, sources close to the board describe his management style as too aggressive. Furthermore, several sources categorize him as a person who "yelled" at executives, both in one-on-one meetings and in sessions with more attendees, and who on one occasion allegedly withheld important information from other board members.
Disappointment on the board of directors
The senior independent director, Amanda Blanc –who oversaw Manifold’s appointment last year–, has stated that "the board is surprised and disappointed to learn of supervisory and directorial conduct issues that it considers unacceptable". But a company spokesperson said it would not provide further details on the specific nature of the incidents.
Manifold, who had no prior experience in the energy sector, had made a name for himself as CEO of the Irish building materials group CRH, where he reordered the asset portfolio and left the group with a notable rise in share price. His arrival at BP last October generated certain expectations among investors: BP shares had outperformed both its rival Shell and the FTSE 100 index – the benchmark index on the London Stock Exchange.
A rejection that is not new
However, his re-election at last month's annual general meeting had already generated tensions: 18% of shareholders voted against it, after the advisor Glass Lewis recommended opposing his appointment, precisely for reasons of direction.
In this context, BP shares fell by up to 10% on the London Stock Exchange this Tuesday just after the announcement, and their trading was suspended for a few moments. Subsequently, they recovered part of the drop to close with a fall close to 5%.