Former BP Chairman Manifold Rejects ‘False Narrative’ After Abrupt Ouster

(Bloomberg) -- Former BP Plc Chairman Albert Manifold forcefully disputed the circumstances of his abrupt dismissal this week, rejecting what he characterized as a 'false narrative' of misconduct that led the board to remove him after just eight months in the role.

BP’s board ousted Manifold on Tuesday, citing 'serious concerns' over his oversight, governance standards and conduct, sparking a 4% decline in the company’s shares. People familiar with the matter, who requested anonymity, said employees had complained about what they described as aggressive behavior, mishandling of confidential information, and attempts to bypass the board on key decisions.

'I was removed without warning and without explanation,' Manifold said in an emailed statement. 'I dispute entirely the characterization of my conduct, and I will not allow a false narrative to go unchallenged.'

Manifold’s dismissal adds another chapter to BP’s protracted leadership turmoil, which has seen three chief executive officers in as many years and underscores deep internal challenges as the company tries to reverse years of underperformance relative to rivals. The oil giant has lagged competitors since former CEO Bernard Looney—who departed after failing to disclose personal relationships with colleagues—pivoted the company heavily toward renewable energy.

Since his appointment in October, Manifold, an Irishman who previously led building-materials giant CRH Plc, had pushed BP to double down on its core oil and gas business, improve operational efficiency, and divest non-core assets — a strategy that aligned with demands from activist investor Elliott Investment Management, which had amassed a stake in BP more than a year ago. He also scored a key win by luring former Exxon Mobil Corp. executive Meg O’Neill from Woodside Energy Group Ltd. to take over as chief executive officer.

During his tenure, BP’s shares benefited from higher crude prices and strong trading profits, becoming the second-best performing oil supermajor since the escalation of tensions with Iran in February. However, analysts now worry that the sudden leadership change will stall momentum. 'We had believed Manifold could be a driving force behind any updates, including an acceleration of investing in core oil and gas assets and further simplifying the business,' said Jason Gabelman, a New York-based analyst at TD Cowen. 'Continued leadership change could bring into question pace of change at a minimum.'

Ian Tyler, who succeeded Manifold as interim chairman, reiterated the board’s 'deep conviction' in the strategic direction, saying the company is moving 'at pace' to deliver it. Manifold defended his record: 'During my time as chairman, I worked to drive genuine change at BP — cutting costs, challenging excess, and holding the organization to higher standards. The board’s statement this morning acknowledged the focus and pace I brought.'

--With assistance from Mitchell Ferman.

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