BP chair hints ouster tied to cost-cutting denies lies

Albert Manifold, the former chairman of BP, has launched a public defense against claims that led to his removal, accusing the company of spreading “lies.” His detailed statement, released after being ousted on Tuesday, highlights his efforts to cut costs at BP, including opting for public transport over a chauffeur and preparing his own coffee. The move has sparked tension within the firm, which cited “serious concerns” over governance and conduct as the reason for his departure.

BP’s decision to replace Manifold, who had served for less than a year, marks the latest leadership shift for the oil giant. The company has faced frequent changes in leadership since 2019, with three different CEOs taking the helm. Manifold’s tenure overlapped with a period of significant cost-cutting, during which he emphasized frugality by forgoing corporate luxuries like private jets and event tickets. He described his office as modest, contrasting it with the “grand corner-office privilege” of past chairmen.

Manifold’s statement acknowledges that his approach to streamlining operations and reducing expenses was not universally welcomed. “It is possible that in my determination to drive change on costs, performance, the balance sheet and shareholder communications, I pushed hard and challenged people directly,” he wrote. He denied any allegations of misconduct, stating that no one raised concerns about his behavior during his time at BP.

The company has not elaborated on the specific reasons for his removal beyond citing “unacceptable” governance issues. Media reports suggest whistleblower complaints about bullying were involved, though BP did not confirm or deny these claims. A spokesperson for Manifold referred all questions to his statement, which rejects the allegations as “lies.” BP’s response to the outlet was brief, reiterating its stance without addressing whether Manifold had an opportunity to respond before his ouster.

The controversy has affected BP’s stock, which fell approximately 6.5% this week. The company faces pressure to stabilize its leadership and operations amid ongoing scrutiny. Manifold’s exit has left a void in a role that has seen frequent turnover, raising questions about BP’s long-term strategy. His focus on cost-cutting, while praised by some, appears to have clashed with internal expectations, according to his statement.

Manifold’s public pushback adds another layer of complexity to BP’s challenges. He emphasized that his actions were intended to protect shareholders and set an example during a period of layoffs. “I made my own coffee, bought my lunch in the local café,” he said, highlighting his commitment to transparency. Whether his approach aligns with BP’s broader goals remains unclear, but the company’s silence on specific allegations has left room for speculation. preparing his own coffee