BP’s board removes recently appointed chairman Albert Manifold with immediate effect, less than a year after he takes the role. In a statement, the board says it unanimously decides to remove him due to “serious concerns” relating to governance standards, oversight and conduct. Several outlets report that the dismissal is abrupt, with the board citing the issues but giving limited detail.
Manifold disputes BP’s account. He tells reporters he was removed without warning or explanation and says he challenges the company’s “false narrative.” He also indicates he will take steps to contest the board’s version of events.
Investors and shareholders raise concerns about the process. Financial Times reports that some large shareholders find it difficult to arrange meetings with Manifold before the removal, and Bloomberg reports that his sudden firing adds to turmoil around BP’s leadership change.
Market coverage notes that BP’s shares fall after the announcement, reflecting uncertainty. The episode deepens scrutiny of BP’s turnaround efforts under Manifold’s tenure and adds to perceptions of leadership instability at the UK oil major.
