BP chair Manifold hits back at ‘false’ misconduct claims
BP’s ousted chair has hit back at the group’s decision to fire him over governance issues, launching a robust defence of his short-lived tenure on the supermajor’s board and rejecting the “false narrative” surrounding his sudden departure.
In a move poised to plunge the London-listed energy giant into a full-blown governance crisis, Albert Manifold defended his record as chair, and said he drove “genuine change at BP – cutting costs, challenging excess and holding the organisation to higher standards”.
“The board’s statement this morning acknowledged the focus and pace I brought,” he added. “I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.”
Manifold was ousted suddenly by BP directors on Tuesday having served just eight months in post, after “serious concerns” about his conduct were reported to the group’s board. Dame Amanda Blanc said the board had discovered a wave of instances of serious misconduct, with reports of “volcanic” behaviour and bullying claims emerging after BP’s initial statement.
“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Blanc said.
BP’s remuneration chair Ian Tyler was appointed to head up the board on an interim basis while the hydrocarbons giant hunts for a permanent replacement to Manifold.
But the episode extends a period of serial leadership upheaval at the energy major, which has had three chairs in the past year and four chief executives since 2020. Several of those personnel changes have taken place suddenly due to governance or performance issues. As well as Manifold, Bernard Looney, the boss between 2020 and 2023, resigned amid allegations over “personal relationships with colleagues”. Tony Hayward – who ran the company between 2007 and 2010 – stepped down abruptly after BP’s mismanagement of the Deepwater Horizon disaster.
BP recovery threatened by more leadership upheaval
Maurizio Carulli, global energy analyst at Quilter Cheviot, said Manifold’s departure was “certainly a surprise”.
“Whilst the news is obviously a short-term negative, it is important to remember that BP has made significant operational improvements and strategic refocusing over the past year, and this is the result of the successful efforts of the entire organisation and its management, not just of one person,” he added.
This latest governance spat also risks derailing the nascent stages of a recovery in BP’s financial performance after years in which it has lagged behind rivals. The petrochemicals giant’s shares have outperformed those of Shell, Exxonmobil and Chevron this year on hopes its return to a more simplified structure focused on oil and gas.
The group has been further aided by the boost to hydrocarbon prices brought about by the closure of the Strait of Hormuz, which carried Brent crude more than 80 per cent above its pre-crisis level.
BP declined to comment beyond its initial statement issued on Tuesday.