BP Chairman Albert Manifold Removed Over Governance and Conduct Issues

British Petroleum (BP) Announces Chairman’s Departure Amid Governance Concerns

British Petroleum has announced that its chairman, Albert Manifold, will be stepping down from his position effective immediately. The decision comes after “serious concerns” were raised to the board regarding governance standards, oversight, and conduct.

Manifold’s departure follows a wave of leadership changes at the company, including the recent exit of CEO Murray Auchincloss in December without a clear reason given for his departure. Former Woodside CEO Meg O’Neill was subsequently announced as BP’s new CEO to accelerate the company’s shift back to oil and gas.

The board had unanimously decided that Manifold should no longer serve as chair and director, citing governance oversight and conduct issues deemed unacceptable. Senior independent director Amanda Blanc stated that the board was “surprised and disappointed” by the concerns raised, but took decisive action to address them.

Manifold’s appointment as chairman was confirmed last year after years of share underperformance against rivals had prompted speculation about a potential takeover or break-up. During his tenure, BP’s board shrank, with several high-profile departures including Shell finance chief Simon Henry.

The news has led to a significant decline in BP’s stock prices in both US and UK markets, with the company’s shares down 4.2 percent on the day in US markets and 4.4 percent on the London Stock Exchange.

Source: Al Jazeera