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BP ousted Manifold on Tuesday, citing serious concerns related to ‘governance standards, oversight and conduct’
By Mitchell Ferman and Ruth David
Former BP PLC Chairman Albert Manifold said nobody raised the issue of his conduct during his time at the oil major, hitting back at what he said were lies “told about me.”
BP ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in its statement, but people close to BP who requested anonymity said there had been complaints about aggressive behavior by Manifold toward employees, as well as of mishandling sensitive information and seeking to bypass the board.
“At no point in my tenure as chairman of BP has anyone raised with me any issue about my conduct or my relationship with my colleagues,” Manifold said in a statement on Thursday. “I dispute entirely this characterisation of my conduct.”
Manifold’s dismissal is the latest in a prolonged period of leadership upheaval at BP, which has included three chief executives in as many years, and raises fresh questions about the company’s internal processes at a time when it’s seeking to turn around years of poor performance. Manifold was seen as accelerating BP’s strategic reboot in response to investor pressure.
“We stand by the statement we have made,” BP said on Thursday, following Manifold’s comments. “We have a duty of care to all our employees, particularly those impacted by his behaviour.”
In a lengthy statement distributed by a public relations firm on Thursday, Manifold acknowledged his push to transform the London-based energy giant.
“Is it possible that in my determination to drive change on costs, performance, the balance sheet and shareholder communications, I pushed hard and challenged people directly? Yes, it is,” he said. “But there is a considerable distance between driving an organization with urgency and the characterization of my conduct that is now being put about.”
BP shares steadied on Thursday, after declining almost seven per cent over the previous two sessions.
On Tuesday, BP leaders told investors it will stick with the strategy championed by Manifold since his October appointment. The Irishman, who previously ran building-materials giant CRH PLC, pushed BP to invest in its core oil and gas business, improve operational performance and sell assets.
Setting example
Manifold said he wanted to set an example as he accelerated cost cutting.
“I had no interest in taking private aviation nor in availing myself of corporate tickets for sports events,” he said in the statement. “I made my own coffee, bought my lunch in the local café. I sat in a small office, eschewing the grand corner-office privilege of previous chairmen.”
Manifold also dismissed the idea that he wanted to exercise the role of executive chair at BP, saying he had spent just 13 days at the company’s London head office this year. He has hired law firm Mishcon de Reya, according to a person familiar with the matter.
The decision to oust Manifold consolidates the authority of new CEO Meg O’Neill, who Manifold hired last year. She has already begun to reshape the company — announcing a restructuring within a couple of weeks of starting in the role last month.
The oil giant had underperformed rivals for years after former CEO Bernard Looney, who was removed after failing to disclose personal relationships with colleagues to the board, pivoted the company toward renewable energy.
Manifold’s measures showed signs of working. He scored a coup by recruiting former Exxon Mobil Corp. executive O’Neill to join as CEO from Woodside Energy Group Ltd.
Boosted by higher crude prices and high trading profits, BP is the second-best performing oil supermajor since the war with Iran began in February.
Bloomberg.com
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