BP ousts chairman Albert Manifold amid misconduct claims and leadership turmoil
BP has removed Albert Manifold as chairman after only eight months in the role. The decision follows claims of misconduct, including a volatile temper and verbal abuse towards colleagues. Meanwhile, the company’s share price has risen sharply since January, despite ongoing leadership disputes.
Manifold was credited with shaping BP’s recent turnaround strategy and hiring the current chief executive. However, the board cited 'serious concerns' about his behaviour, describing him as 'volcanic' in his treatment of staff. Reports suggest his aggressive management style led to his removal.
Investor Neil Woodford has criticised the decision, arguing that Manifold was ousted for being 'a bit dictatorial' and 'too willing to drive change'. Woodford also questioned the board’s focus, claiming they prioritise governance over business growth. He believes the UK’s corporate governance rules—preventing one person from holding both chairman and CEO roles—hinder progress. Woodford further accused the board of failing to hold non-executive directors accountable. He described BP as 'ungovernable' after three chairmen in three years. Despite the turmoil, BP’s share price has climbed 18.2 per cent since January, suggesting investors remain confident in the company’s direction.
The dispute highlights tensions between BP’s board and its leadership. Manifold’s exit leaves the company searching for stability after repeated changes at the top. His departure also raises questions about how governance policies affect corporate decision-making.
