BP Removes Chairman Albert Manifold, Appoints Ian Tyler Interim Chair Over Governance Concerns

BP removed chairman Albert Manifold with immediate effect on Tuesday, citing “serious concerns” about “governance standards, oversight and conduct” less than a year after he was appointed to the role.

“- Published Oil giant BP has removed its chairman Albert Manifold over "serious concerns" related to "important governance standards, oversight, and conduct"”

BBC

BP said the board was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” and it did not disclose details of the alleged failings.

BBC

The company appointed Ian Tyler as interim chair while it searches for a permanent replacement, and Tyler said the leadership team had “deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it”.

Manifold succeeded Helge Lund as BP chair on October 1, and BP said it had dismissed him after “serious concerns” were raised about his conduct.

BP shares fell sharply after the announcement, with CNN saying the oil giant’s shares were trading 5.9% lower in London and CNBC reporting the stock fell as much as 9% before paring losses.

Amanda Blanc, BP’s senior independent director, said Manifold had brought “a welcome focus and pace to BP’s transformation,” while the board was “surprised and disappointed” by the governance and conduct issues it deemed unacceptable.

CNBC

Robin Mills, chief executive of Qamar Energy, told The National that the sacking represented “more instability at the top of BP” and said “It seems there is a problem with the company culture and/or the board,” adding that Manifold was seen as a positive influence in recalibrating BP’s direction.

In London, Justine Leigh-Bell, chief executive of the Anthropocene Fixed Income Institute in Stockholm, said the move raised questions about “governance, execution and credibility,” arguing that a board forced into immediate action over “governance oversight and conduct issues” faces a stability test for managing transition risk.

The ouster adds to BP’s recent leadership churn, with CNN noting Manifold was appointed to succeed Helge Lund on October 1 and CNBC describing that Manifold had only been in the post as chair since October.

“BP said Tuesday it had dismissed its chairman Albert Manifold less than a year since he was appointed to the role, after “serious concerns” were raised about “governance standards, oversight and conduct”

CNN

BP said it appointed Meg O’Neill as CEO, and Tyler said the board was “very impressed” with O’Neill, who became BP’s first female CEO in April, replacing Murray Auchincloss after less than two years in the role.

The National reported that Manifold’s removal came only around half a year into his tenure as BP’s board tasked him with recalibrating strategy toward fossil fuels in an era of clean energy, and it said the board unanimously decided he should no longer serve as chair and director with immediate effect.

The Guardian said Manifold lasted only eight months in the role and that BP’s board had “serious concerns about “important governance standards, oversight and conduct”,” while Reuters was cited by NDTV Profit for the company’s “serious concerns” rationale and for the board’s decision to act quickly.