UK oil giant BP sacks Chair Albert Manifold over misconduct and governance issues
London, May 29
The Board of British oil giant BP PLC announced on Tuesday that it has unanimously decided that Albert Manifold should no longer serve as Chair and Director of the company, with immediate effect, following serious concerns raised with it related to important governance standards, oversight, and conduct.
However, the London-headquartered company has not disclosed any details regarding the nature of the conduct and governance issues. Manifold had joined BP in October last year as the company aimed to boost its performance.
The board of BP has appointed Ian Tyler as interim chair and launched a search process for a permanent new chief.
BP's Senior Independent Director Amanda Blanc said: "Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."
Interim Chair Tyler said: "The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. BP is building a track record of strong underlying operational performance and a tight focus on financial discipline - all in the pursuit of growing shareholder value and returns."
"The Board has been very impressed with Meg O'Neill since she joined as CEO. She has extensive industry and operational experience and real clarity about the direction and opportunity for the business. She has already taken bold action to simplify and strengthen the organisation, such as announcing the move to a clearly defined upstream/downstream model. Under her leadership, we are building a simpler, stronger, more valuable BP."
A succession process for a permanent Chair will be initiated, the company statement added.
— IANS
Reader Comments
Good on BP for taking quick action instead of dragging it on. But the lack of transparency about what exactly Manifold did is a bit concerning. If our Indian regulators were this strict with governance, maybe we'd see better compliance. Still, I hope full details come out soon.
A classic case of 'hire fast, fire faster.' BP's board seems to have standards at least. Meanwhile, I'm curious how this will affect their India operations, especially with our growing energy needs. It's good that Tyler is taking over as interim — hope he brings stability.
I appreciate that BP didn't drag this out or try to hush it up. But I find it ironic — a company that pushes 'ethical business' and 'sustainability' can't even keep its own chair in line. Makes you wonder about the actual governance culture inside. India Inc, please note!
Having worked in corporate governance in India, I can say this sends a powerful message — no one is above the rules. But I'm skeptical about the 'unacceptable conduct' phrase without specifics. It's either really serious, or they're protecting someone. Let's see if this affects BP's India plans.
As a shareholder, this is both reassuring and unsettling. Reassuring because the board acted decisively; unsettling because they hired him so recently without proper due diligence. BP needs to improve its vetting process. Indian companies should take this as a cautionary tale.
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