Oil giant BP ousts new chairman over ‘conduct’ and shares slide
BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.”
The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position late last year.
“Albert has helped bring a welcome focus and pace to BP’s transformation,” Amanda Blanc, senior independent director, said in a statement Tuesday. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
BP’s board was unanimous in the decision and Ian Tyler, a member of the board, was named interim chair, effective immediately. The company did not elaborate on Manifold’s sudden departure.
BP, based in London, is a “supermajor,” one of the five largest oil production and exploration companies in the world when measured by revenue and profit.
After a new focus on renewable energy by BP in 2020, the company was seeking a return to its roots by 2025. CEO Murray Auchincloss said last year that optimism over opportunities in renewable energy was misplaced, with the company moving “too far and too fast.”
Manifold, who had been the top executive at Dublin-based global building materials company CRH for 10 years, became the chair at BP in October. BP was looking for someone to redirect the oil giant and went with an industry outsider in Manifold, who had made major strategic changes at CRH.
BP’s hard reset last year was criticized by environmentalists, as well as some shareholders. Zigzagging goals within BP have been accompanied by tumultuous changes in leadership, though not specifically tied to strategy.




