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The details are still slippery, but BP’s board just took the extraordinary step of ousting its chairman. The London-based oil giant removed Chairman Albert Manifold on Tuesday, citing “serious concerns” over governance standards, oversight and conduct, according to Reuters. Four sources cited aggressive and “unacceptable” behavior toward colleagues across the company, and one said the board acted after a whistleblower report revealed a pattern. Manifold had been on the job less than eight months. Shares briefly fell nearly 10% on the news.
The firing caps a chaotic stretch for BP, which has churned through leadership since 2020. Manifold, a former CRH chief with no prior energy experience, was brought in last year to accelerate the company’s pivot back to oil and gas after an ill-fated bet on renewables.
“Here we go again,” Barclays analysts wrote, questioning the board’s decision-making. Existing director Ian Tyler takes over as interim chair, inheriting a company that just doubled its first-quarter profit and saw shares climb 20% this year, even as its boardroom keeps emptying out.