Ousted BP Chair Albert Manifold denies ‘bullying’ – Business News
Ousted BP Chair Albert Manifold denied claims that he “bullied” colleagues in a new assertion, although he acknowledged that he might need “pushed hard and challenged people directly.”
Earlier this week, BP introduced Manifold’s departure “with immediate effect” following a unanimous board vote over “serious concerns” together with governance oversight and conduct points. Several media reviews alleged Manifold had acted abusively towards colleagues.
The Financial Times reported his ouster adopted “multiple” whistleblower complaints about his “bullying” of colleagues – together with a “shouty” management model and speaking down to workers in any respect ranges.
Ousted BP Chair Albert Manifold denied claims that he “bullied” colleagues. PA Images by way of Getty Images
“I fully accept that the members of the Board have made their decision that I am no longer to be Chairman and a Director of bp,” Manifold stated in his page-long response launched Thursday.
“What I do not accept is that lies can be told about me, nor that anyone should be allowed to hide behind anonymity when commenting on my time at bp.”
The exec stated during his time on the oil giant, which lasted much less than eight months, he targeted on slashing prices, simplifying the company portfolio, strengthening the stability sheet and bettering shareholder worth.
“When I saw unnecessary or excessive expenditures, I called it out,” Manifold wrote.
He depicted himself as setting a good instance by strolling, taking taxis or using the prepare to the workplace as an alternative of utilizing a chauffeur-driven limousine. He stated he additionally made his own espresso and didn’t fly on non-public planes or settle for glitzy company tickets to sporting occasions.
“Is it possible that in my determination to drive change on costs, performance, the balance sheet and shareholder communications, I pushed hard and challenged people directly? Yes, it is,” he wrote.
“But there is a considerable distance between driving an organisation with urgency and the characterisation of my conduct that is now being put about,” the ousted exec added.
BP on Tuesday introduced Manifold’s departure following a unanimous board vote. Maureen McLean/Shutterstock
He additionally praised CEO Meg O’Neill and CFO Kate Thompson as “among the finest people I have worked with,” saying he’s “confident” of their capacity to “do better for … shareholders.”
Though Manifold performed a essential function in swaying O’Neill to hitch BP simply months in the past, tensions between the 2 heated up because the businessman allegedly acted like he was tasked with working day-to-day operations, in accordance with FT.
Manifold stated he was solely enthusiastic about serving as a part-time non-executive, visiting the London workplace simply 13 days this yr.
The FT additionally reported that many junior and senior colleagues at BP discovered Manifold “impossible to work with” since he “wanted to control everything.”
Manifold stated he targeted on slashing prices, simplifying the company portfolio, strengthening the stability sheet and bettering shareholder worth. Bloomberg by way of Getty Images
Two sources accused Manifold of violating BP insurance policies through the use of personal accounts or gadgets for company business. A source close to Manifold denied this declare, saying it was BP that had emailed Manifold’s personal deal with.
Manifold – who got here from Irish building provides group CRH and had by no means held a job within the vitality industry earlier than coming to BP – was simply the newest in a sequence of scandalous exits from the oil main.
In 2023, the company fired then-CEO Bernard Looney after he lied to the board about the extent of his personal relationships with workers.
BP misplaced one other CEO in December, when Murray Auchincloss left with out giving a clear motive for his sudden departure.
Manifold had helped persuade O’Neill to fill the chief government seat final fall, changing into BP’s fifth CEO since 2020.
Shares in BP are down almost 7% thus far this week. The stock is up 43% over the previous 12 months.
