Axios
BP removed board chair Albert Manifold on Tuesday, citing "serious concerns" about "governance standards, oversight and conduct." Why it matters: BP has lost its CEO and now its board chair in the span of six months, the latest leadership turmoil for a company that has cycled through CEOs during its strategic pivot. Manifold had been chair since October. New CEO Meg O'Neill was appointed in December following the surprise resignation of Murray Auchincloss after roughly two years in the role. She took over in April. Auchincloss took the reins in September 2023 after then-CEO Bernard Looney abruptly left amid a probe into his personal relationships within the company. Catch up quick: In recent years, BP has pivoted back toward its core oil and gas business to boost performance that had lagged rivals. Its stock has outperformed some peers this year and first quarter earnings beat expectations, Bloomberg notes . BP has pulled back from the aggressive climate plan it launched under Looney in 2020. State of play: Amanda Blanc, BP's senior independent director, said in a statement that Manifold "has helped bring a welcome focus and pace to BP's transformation." But Blanc added: "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action." The intrigue: The Financial Times, citing people familiar with the matter, reports on behind-the-scenes controversy over Manifold's work. "Manifold's hands-on approach was viewed as excessive by several colleagues who saw the level of control he exerted as more akin to that of an executive chair," the paper reports. What's next: The company named Ian Tyler interim board chair while it seeks a permanent replacement.
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