British oil giant BP has dismissed its chairman Albert Manifold due to serious concerns regarding corporate governance and conduct. Manifold, who took office in October 2023, barely lasted a few months in the role. The news caused a drop of over 6% in the value of the shares. His departure comes following the arrival of the new CEO Meg ONeill in April.
BP's energy transition stumbles on management stability 🛢️
While BP accelerates its shift towards oil and gas, the turnover in its top management creates uncertainty among investors. Manifold's departure, combined with the recent CEO change, complicates the company's long-term strategy. Only 82% of shareholders supported his management at the annual meeting, a low percentage by industry standards. Ian Tyler assumes the interim chairmanship.
The chairman's manual: not lasting longer than an expired yogurt 🥛
Albert Manifold has set a record that will be hard to beat: lasting less time as chairman than a yogurt in the fridge. He arrived in October, made the pivot towards fossil fuels, and before anyone could finish learning his name, he was already out. With 82% support, more than a few thought he had been given the grade for a failed exam. BP needs an instruction manual for its executive chairs.