BP, the oil industry leader, has removed chairman Albert Manifold due to significant concerns about his behavior.
The multinational’s board announced the immediate departure of the 63-year-old with unanimous agreement, citing “serious concerns regarding governance standards, oversight, and conduct” without elaborating further.
Manifold, an Irishman earning £1 million annually, faced opposition from 18% of shareholders at BP’s recent annual general meeting. Advisory group Glass Lewis had raised governance issues and recommended voting against his position on the board.
Amanda Blanc, BP’s senior independent director, expressed surprise and disappointment over the governance and conduct issues, leading to decisive action by the board.
Ian Tyler has been appointed as interim chairman, and the board has initiated a search for a permanent replacement.
Manifold, previously the chief executive at CRH, took on the role of BP’s chairman just last year in July.
The sudden departure of Manifold follows the resignation of BP’s chief executive, Bernard Looney, in September 2023 after a review of his professional relationships with colleagues.
BP’s stock price plummeted over 5% post-Manifold’s exit, resulting in a market value drop of over £4 billion. The share price experienced a further decline of up to 9% following the news.
The oil corporation, alongside its competitors, faced criticism as profits soared amid the Iran conflict.
BP reported profits nearly doubling to £2.4 billion in the first quarter of the year, primarily driven by the recent conflict escalation.
In a strategic shift back to fossil fuels, BP appointed Meg O’Neill as CEO in late 2024 after launching the plan earlier that year.
Maurizio Carulli, an energy analyst at Quilter Cheviot, commented on Manifold’s departure, highlighting BP’s history of sudden senior personnel exits and emphasizing the need for a thorough search for a new chair with the right skills and personal attributes.
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