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BP’s abrupt ouster of Chairman Albert Manifold this week – the latest in a series of scandalous departures from the oil major – followed “multiple” whistleblower complaints about his “bullying” of colleagues, according to a report.
Though Manifold played a crucial role in swaying CEO Meg O’Neill to join BP just months ago, tensions between the leaders bubbled up as the Irish businessman allegedly acted as if he was an executive tasked with running day-to-day operations, according to the Financial Times.
Manifold – who came from Irish building supplies group CRH and had never held a job in the energy industry before BP – talked down to employees at all levels and used a “shouty” management style that clashed with the oil firm’s company culture, sources told the FT.
BP on Tuesday announced Manifold’s departure “with immediate effect” following “serious concerns” over “important governance standards, oversight and conduct.”
“Albet has helped bring a welcome focus and pace to bp’s transformation,” Amanda Blanc, senior independent director at BP who oversaw Manifold’s appointment last fall, said in a statement.
“However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
Manifold has disputed that characterization of his conduct, saying, “I will not allow a false narrative to go unchallenged.”
He told the FT that his ouster came “out of the blue,” even though he had worked to “drive genuine change at BP – cutting costs, challenging excess, and holding the organization to higher standards.”
BP declined to comment further on specific allegations against Manifold. Manifold did not immediately respond to The Post’s request for comment.
Sources told the FT that BP is now preparing for legal action from Manifold, who shrank the board and helped the stock rise more than 20% in less than eight months at the company.
As chairman, Manifold had the backing of activist hedge fund Elliott, which has built up a roughly 5% stake in the oil major – but his grip on the board has been fading, receiving less support than usual at the general meeting in April.
Many junior and senior colleagues at BP found Manifold “impossible to work with” since he “wanted to control everything,” a source told the FT – adding “You can’t operate like that anymore.”
Two sources accused Manifold of violating BP policies by using personal accounts or devices for company business. A source close to Manifold denied this claim, saying it was BP that had emailed Manifold’s personal email address.
BP has suffered several tumultuous exits over the past three years, including two chairs and two CEOs, trailing back to 2023 when former chief exec Bernard Looney was fired after lying to the board about the extent of his personal relationships with employees.
In December, BP said goodbye to another CEO, Murray Auchincloss, who did not give a clear reason for his sudden departure.
Manifold helped persuade O’Neill to fill the position, becoming BP’s fifth chief executive since 2020 in what had grown to be viewed as somewhat of a cursed role in the industry.
O’Neill voted along with the rest of the board to oust Manifold, which some are hoping is a sign that the new CEO has taken charge of the company and could revive its reputation, according to the FT.
She has already split BP back into two main oil and gas businesses, reversing a sharp pivot to renewables that failed to resonate with investors, and is known for operating with a “no-nonsense” management style, the report said.
But critics are convinced Manifold’s ouster is just the latest sign that BP leadership is on life support – and some have argued that his exit will leave O’Neill vulnerable, since she’ll be seen as the sole party responsible for any future company blunders, the FT reported.
Shares in BP are down 6.8% so far this week following Manifold’s exit. The stock is up nearly 42% over the past 12 months.
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