Updated

Updated · Financial Times · May 29

BP Board Fires Chairman Albert Manifold Over Bullying Allegations, Leaving Meg O’Neill to Lead Turnround

Updated

Updated · Financial Times · May 29

BP Board Fires Chairman Albert Manifold Over Bullying Allegations, Leaving Meg O’Neill to Lead Turnround

Q: Was BP's chair fired for his conduct or for his cost-cutting crusade?

BP says Albert Manifold was fired for conduct and governance failings, not for cost-cutting itself. The company’s formal explanation was “serious concerns” about “governance standards, oversight and conduct.” Reporting around the dismissal points to whistleblower complaints and allegations that he was aggressive, bullying or overbearing, and that he mishandled or withheld important information. BP’s senior independent director said the board found the issues unacceptable, and the board acted unanimously. Manifold rejects that account. He says he was removed without warning, denies wrongdoing, and argues that his push to cut costs, simplify BP, strengthen the balance sheet and challenge spending was unpopular with some colleagues. He has suggested that his hard-driving approach and frugality may have contributed to the clash. But based on the evidence available, the immediate reason for his ousting was the board’s judgment about his behavior and governance, including how he exercised the chair role, rather than the substance of a cost-cutting campaign. His strategic agenda may have intensified tensions, but BP has not said he was dismissed for wanting deeper cuts. So the fairest reading is that cost-cutting was part of the backdrop to a power struggle, while the stated and reported trigger for his removal was conduct.

2 articles · Updated · Financial Times · May 29

BP’s board, including CEO Meg O’Neill, voted unanimously this week to remove chairman Albert Manifold after allegations that his aggressive behavior toward colleagues amounted to bullying.
Manifold has called the claims “lies,” but his abrupt exit leaves O’Neill in sole command as BP navigates another leadership upheaval and pressure to repair strategy after its failed green pivot.
O’Neill, 56, was recruited from Woodside last year by Manifold as BP’s first outsider CEO in years and has already reorganized the company around oil and gas.
Her calm, hard-nosed operating style contrasts with the allegations against Manifold, and investors now want her to use higher oil prices from the Iran war to cut debt and stabilize BP after losing two CEOs and two chairs in three years.