BP Ousts Chair Albert Manifold Amid Governance Scandal

BP has removed Albert Manifold as chair due to governance and conduct issues, just months after his appointment. His departure follows historical scandals at BP, including leadership changes and strategic shifts. BP faced shareholder dissent under Manifold's tenure, significantly impacting its stock performance.

BP has abruptly dismissed Chair Albert Manifold, citing governance failures and conduct issues, marking another leadership shift after his brief tenure overseeing the company's strategic revamp.

Manifold's exit follows controversies and leadership changes at BP, including the fallout from former CEO Bernard Looney's dishonesty and Murray Auchincloss's unexplained departure. During his tenure, Manifold was instrumental in appointing Meg O'Neill as the new CEO to steer BP towards a fossil fuel-focused strategy, distancing from renewables.

The decision to remove Manifold came amidst rising dissatisfaction from shareholders and the backing of activist hedge fund Elliott Management. BP's stock took a significant hit following the announcement, reflecting investor concerns about the company's current trajectory and governance practices.