BP Chairman Albert Manifold Removed Over 'Unacceptable' Conduct

(MENAFN- AsiaNet News)

Manifold Disputes Removal

Ousted BP chairman Albert Manifold has disputed accusations over his conduct that led to his immediate exit from the British energy giant. Manifold told CNBC in an emailed interview that he was removed "without warning and without explanation" and that he disputes "entirely the characterisation" of his conduct.

Board Cites 'Unacceptable' Conduct

The Board was apparently miffed with allegations surfacing over governance, oversight and conduct against Manifold, who had been in the chairman's position only for seven months, the report said. "Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, Senior Independent Director at BP, said.

Leadership Turmoil and New Appointment

Manifold's removal comes in the backdrop of the energy giant facing top deck churn with three CEOs and now three chairmen in the last three years. The BP board has appointed Ian Tyler as Interim Chair with immediate effect.

"The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. bp is building a track record of strong underlying operational performance and a tight focus on financial discipline - all in the pursuit of growing shareholder value and returns," Ian Tyler, Interim Chair, said.

Market Impact and Background

Manifold joined BP from building materials producer CRH. With no prior experience in the energy business, Manifold's appointment came during a tough time for the company when its shares were underperforming its peers, and there was buzz around a takeover. Shares of BP tanked 10 per cent after the reports of his immediate removal came out, leading to a brief halt in trading. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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