Recent Resignation of BP Chairman Albert Manifold
Albert Manifold, who was recently removed as chairman of BP, has denied accusations of “bullying” his colleagues. He acknowledged, however, that he might have “pushed hard and directly challenged people” during his tenure.
Earlier this week, BP announced Manifold’s resignation “with immediate effect” following a unanimous board decision due to “serious concerns” regarding governance and conduct. Reports indicate that his behavior was described as abusive towards staff.
The Financial Times noted that his dismissal followed several whistleblower complaints about his alleged “bullying” management style, which reportedly included shouting at employees and badmouthing them at various levels.
In a one-page response released on Thursday, Manifold stated, “I fully accept the decision of the members of the board that I am no longer chairman and director of BP.” He expressed frustration over what he perceives as misinformation about his actions while at BP.
During his brief, eight-month stint at the company, Manifold claimed to focus on cost reduction, portfolio simplification, strengthening financials, and boosting shareholder value. He insisted that he did call out unnecessary spending when he saw it.
He mentioned his efforts to set a good example, such as opting for public transport instead of a chauffeur-driven car, making his own coffee, and avoiding private flights or luxury corporate events.
“Could I have pushed hard and directly challenged people in my determination to transform costs, performance, balance sheets, and shareholder communications? Yes, that’s right,” he admitted.
Moreover, he indicated a disconnect between his urgent approach to improving the organization and how his conduct has been characterized.
Manifold also praised CEO Meg O’Neill and CFO Kate Thompson, stating they are “some of the best people I’ve ever worked with,” and expressed confidence in their ability to enhance shareholder value.
While he had a role in bringing O’Neill to BP, tensions reportedly grew between them as Manifold appeared to take control of day-to-day operations. He clarified that he intended to work as a part-time non-executive director and had visited the London office only 13 days this year.
Multiple colleagues at BP, both junior and senior, have allegedly found him “impossible to work with” due to his desire to manage every detail.
There were also accusations that Manifold used personal accounts and devices for company business, which would contravene BP policies. However, a source close to Manifold refuted these claims, mentioning an email was sent to his personal address by BP.
Previously, Manifold led a building materials group, CRH, and had no prior experience in the energy sector before joining BP. His resignation adds to a series of controversial exits among BP’s leadership; the company had previously dismissed CEO Bernard Looney for allegedly misleading the board regarding personal relationships.
Additionally, BP saw the departure of CEO Murray Auchincloss in December, who left without providing a clear explanation. Remarkably, Manifold played a part in persuading O’Neill to take on the CEO role last fall, making her BP’s fifth CEO since 2020.
This week, BP’s stock price has fallen nearly 7%, although it has risen 43% over the past year.
