Etiket: Albert Manifold

Albert Manifold, the recently ousted chairman of BP, is speaking out. After being removed from his position this past Tuesday, he firmly rejects the “lies” regarding his behavior during his brief tenure at the energy giant. Manifold, who held the chairman role for less than a year, emphasized that no one should be able to “hide behind anonymity” when discussing his conduct at the company. His dismissal was described by BP as a decision made due to “serious concerns” related to governance standards, oversight, and overall conduct.

In a statement issued shortly after his removal, Manifold acknowledged the board’s decision to terminate his role as both Chairman and Director of BP. However, he made it clear that throughout his time at the top, no issues regarding his conduct or relationships with colleagues were ever raised. In fact, he expressed his disbelief at the accusations, stating, “In my 40-year working career, I have never once had accusations made against me such as those made in recent days. I dispute entirely this characterisation of my conduct.”

Manifold highlighted that his priorities, particularly when it came to shareholder interests, may not have been shared by all within the company. He was vocal about unnecessary or excessive expenditures during his time, insisting that he had no interest in using private jets or corporate tickets for sporting events. Instead, he mentioned, “I made my own coffee, bought my lunch in the local cafe.” This down-to-earth approach certainly paints a different picture than the one being circulated.

Meanwhile, BP announced an “exceptional” performance in its oil trading business, and noted a major project aimed at advancing clean public transportation in Granite City. This multi-million-pound project in Aberdeen is touted as the future of sustainable transport, which makes the timing of Manifold’s dismissal even more intriguing. The Spelthorne Borough Council, the owner of the Sunbury site, has expressed that Manifold will be “sadly missed” as the company transitions.

As BP prepares for a new leadership era, they also decided to suspend their share buyback program in anticipation of the new boss. It’s a significant move that raises questions about the company’s direction moving forward.

What does this mean for BP’s future and for Manifold? The energy sector is surely watching closely…

Kaynak: Orijinal Haber

Oil giant BP has removed its chairman Albert Manifold with immediate effect over concerns including “bullying” and “overbearing” behaviour by him, the BBC understands. This dramatic decision, taken amidst serious governance concerns, has sent shockwaves through the company and the oil industry at large. Just under a year since Manifold joined BP, his abrupt exit raises eyebrows and questions about the internal dynamics at one of the world’s largest oil companies.

In a statement, BP confirmed that Manifold’s dismissal resulted from “serious concerns” related to “important governance standards, oversight and conduct”. Sounds serious, right? A source close to the company remarked, “This is a big lever to pull, you wouldn’t do it unless it was serious.” The board, led by senior independent director Amanda Blanc, expressed its surprise and disappointment at the issues deemed unacceptable, leading them to take decisive action.

Following the announcement, BP shares took a hit, tumbling about 5% as investors reacted to the news. In the wake of Manifold’s removal, senior independent director Ian Tyler has stepped in as interim chair, a position he will hold until a permanent replacement is found. Manifold, who had been steering BP back towards oil and gas after a focus on renewable energy, joined the company in September 2025 and became chairman just a month later.

BP had once hailed Manifold for his “strong track record of strategic leadership and operational delivery.” But it seems things weren’t as rosy as they appeared. Just last month, during the annual general meeting (AGM), nearly a fifth of BP shareholders voted against his election due to governance concerns. The criticism stemmed partly from BP’s refusal to entertain a resolution filed by climate activists, which Manifold claimed was not correctly filed.

And the plot thickens! AJ Bell’s investment director Russ Mould noted that while there was pressure to move on from Manifold’s predecessor, not all investors were thrilled. In fact, 18% of shareholders voted against his appointment, following recommendations from governance experts Glass Lewis. This didn’t sit well with many, especially given attempts to move AGMs to an online-only format and changes in how the company reported on climate issues.

Meanwhile, BP’s recent financial performance paints a different picture. The energy giant reported a staggering profit of $3.2 billion between January and March, a significant increase driven by rising oil prices amid the ongoing Iran war. This exceptional performance in its oil trading business might seem to contrast sharply with the turmoil at the top.

As for the future, BP’s interim chair Tyler expressed “deep conviction” in the strategic direction laid out by the board and praised CEO Meg O’Neill for her bold actions since taking over in December. O’Neill seems to have the board’s support, and there’s no indication her position is in jeopardy.

Yet, Maurizio Carulli, a global energy analyst, points out that Manifold’s impact was “necessarily limited” due to his brief tenure. His departure might pose short-term challenges, but Carulli believes BP has made significant operational improvements over the past year, thanks to the collective efforts of its management.

So, what’s next for BP as they navigate this internal shake-up? Will they find a chair who can restore confidence among shareholders? Or will the shadows of governance issues continue to loom large over the oil giant? Only time will tell…

Kaynak: Orijinal Haber

Oil giant BP has made headlines by removing its chairman, Albert Manifold, over “serious concerns” regarding governance standards, oversight, and conduct. It’s a swift move that has shocked many, including the board members themselves. Senior independent director Amanda Blanc expressed that the board was “surprised and disappointed” to uncover these unacceptable issues, leading to decisive action against Manifold, who had barely settled into the role, having been in the position for less than a year.

Following the announcement, BP’s shares took a hit, plunging by 6%. Ian Tyler has now stepped in as the interim chair, effective immediately. Manifold’s journey with BP began in September 2025 as a non-executive director, and just a month later, he was elevated to the chair position. At his appointment, the company touted his “strong track record of strategic leadership and operational delivery,” but it seems that reputation has taken a nosedive.

In a twist, this dismissal comes on the heels of BP reporting a massive surge in profits, which doubled thanks to the soaring oil prices stemming from the ongoing Iran war. The numbers are striking—BP reported profits of $3.2 billion (£2.4 billion) for the first quarter, thanks to an “exceptional” performance in oil trading. But, as it turns out, not everything is smooth sailing at BP.

Manifold’s removal also follows a controversial annual general meeting (AGM) where nearly 20% of shareholders voted against his appointment due to governance concerns. The board faced criticism, particularly for rejecting a resolution from climate activists—something that Manifold claimed was not properly filed. AJ Bell’s investment director, Russ Mould, noted that while there was pressure to move on from Manifold’s predecessor, not all investors were on board. The fact that 18% of shareholders voted against his appointment, despite recommendations from governance experts, indicates a brewing discontent among the ranks.

Moreover, recent attempts to transition AGMs to an online-only format and changes in how climate issues were reported didn’t sit well with investors either. As the company now embarks on a search for a permanent chair, interim chair Tyler shared that the board has “deep conviction” in the strategic direction set forth by the company. He also expressed admiration for chief executive Meg O’Neill, who took over last December, stating that she has already made bold moves to streamline and strengthen the organization.

O’Neill, stepping in for Murray Auchincloss, who left after just two years, is seen as a beacon of hope amid the turmoil. The former CEO, Bernard Looney, had departed in 2023 due to “serious misconduct” related to undisclosed relationships with colleagues, raising eyebrows about the leadership at BP. This ongoing shake-up reflects heightened supply concerns over certain fuels, particularly with the effective blockade of the Strait of Hormuz in light of the Iran conflict.

Meanwhile, the motoring group RAC has issued warnings that pump prices could continue to rise if the situation in Iran doesn’t resolve soon. In the background, a tragic incident occurred when Jason Thomas, 50, fell through a misplaced grating on the Valaris 121 in 2023, adding to the list of woes associated with the energy giant. BP’s profits have jumped by nearly a quarter, capitalizing on the recent volatility in oil prices, but the pressure from the government to impose levies on soaring energy company profits, set to last until 2030, looms large.

What’s next for BP? Will this shake-up lead to a better governance structure, or will the issues continue to haunt them? Only time will tell…

Kaynak: Orijinal Haber