BP fires Irish board chair Albert Manifold on governance concerns, only months into the job

BP board 'surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action', statement said

Albert Manifold. Picture: Gary O'Neill

BP’s board removed chairman Albert Manifold from his role with immediate effect due to serious concerns about governance standards, oversight and conduct.

His sudden and unexpected departure prolongs a period of severe leadership turmoil at BP, coming at a moment when the company was supposed to be turning itself around from years of poor performance. 

Mr Manifold, the former chief of CRH, played a key role in the removal of former chief executive Murray Auchincloss, and the appointment of his replacement Meg O’Neill.

Shares of the company fell 6.4% in trading following the announcement.

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, senior independent director at BP, said in a statement on the company’s website.

Mr Manifold joined BP late last year and immediately took a decisive role in the company’s efforts to win back investor confidence. He urged employees to go faster in unwinding failed green bets and boosting investments in fossil fuels. He took charge of a thorough review of the company’s portfolio to cull underperforming assets.

His first big move was the sudden removal of Mr Auchincloss and the appointment of Ms O’Neill, who became big oil’s first female leader and BP’s first external CEO hire. She moved to the London-based company from Australia’s Woodside Energy Group, where she had spent four years in the top job.

BP lagged behind rivals for years, which led to pressure from activist investor Elliott Investment Management, and a turnaround effort focused on a return to the core oil and gas business.

The board has appointed Ian Tyler as interim chair, who said in the statement BP’s leadership still had “deep conviction in the strategic direction we have laid out” and had been “very impressed with Meg O’Neill since she joined as CEO.”

Bloomberg