BP ousts Chairman Albert Manifold, citing unnamed Governance Issues

BP announced on Tuesday that it had removed Albert Manifold as its Chair 'with immediate effect'. The company cited governance and conduct concerns, just months after he was appointed to oversee a new strategy. BP launched a plan to switch the focus from renewable energy to fossil fuels in February '2025. It also appointed Meg O'Neill as its fifth CEO since last year.

In a Tuesday statement, BP announced that its?board unanimously agreed to remove Albert Manifold as chairman and director.

BP stated that the decision was made in response to serious concerns expressed to the board regarding important?governance, oversight and behavior standards.

"Albert's contribution to BP’s transformation has been a positive one. He has brought a new focus and pace. The 'board was surprised and disappointed when it learned of the governance oversight and conduct issues that they deemed unacceptable. They have taken a number of decisive actions," said senior independent director Amanda Blanc. Blanc supervised Manifold’s appointment in October.

A BP spokesperson refused to provide any further information. (Raechel Thankam Job contributed additional reporting from Bengaluru, and Anil D'Silva edited the article.)

(source: Reuters)