Former BP Chairman Albert Manifold Claims Cost-Cutting Focus Led to His Dismissal
‘I made my own coffee.’ BP chair hints cost-cutting push led to his ouster as he hits back at ‘lies’
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Albert Manifold, the ousted chairman of BP, has publicly defended his actions following his removal, attributing it to his cost-cutting measures and refuting allegations of misconduct. BP cited governance concerns in his dismissal, marking another leadership shakeup for the company.
- 01Manifold was dismissed from BP after less than a year due to 'serious concerns' about governance and conduct.
- 02He claimed his focus on cost-cutting, including using public transport and making his own coffee, may have made him unpopular.
- 03BP has faced leadership instability, with this being its third CEO since 2019.
- 04Manifold's statement described the allegations against him as 'lies' and emphasized his commitment to shareholder interests.
- 05The company's shares have dropped approximately 6.5% following the news of his ouster.
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Albert Manifold, who was recently removed as chairman of BP, has publicly challenged the reasons behind his dismissal, which the company cited as 'serious concerns' regarding governance and conduct. In a detailed statement, Manifold refuted allegations of misconduct, labeling them as 'lies' and suggesting that his emphasis on cost-cutting measures, such as using public transport instead of a chauffeur and making his own coffee, may have contributed to his unpopularity within the company. He acknowledged that his approach to drive efficiency and reduce unnecessary expenditure might not have been well-received by all. This leadership change comes amid ongoing instability at BP, which has seen three CEOs since 2019. BP has not disclosed specific details regarding the complaints that led to Manifold's ouster but stated that it has a duty of care to its employees. Following this leadership upheaval, BP's shares have declined by around 6.5% this week.
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The leadership change at BP could affect employee morale and operational stability, particularly as the company has been under scrutiny for governance issues.
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