Ousted BP chair Manifold says he called out 'excessive' spending

The ousted chair of BP PLC has rejected ‘lies’ about his conduct and said his views on cost-cutting and calling out ‘excessive expenditure’ on things like a limousine or private flight were not shared by others at the firm.

Albert Manifold issued a statement in response to reports about his conduct after BP’s board removed him with immediate effect on Tuesday.

The board had cited ‘serious concerns’ related to this conduct, oversight and governance at the oil major.

Media reports following the move cited sources close to the company who said Manifold had engaged in bullying and aggressive behaviour towards other staff.

Manifold said he accepts the board’s decision to remove him, but added: ‘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.’

Responding to the reports, he said: ‘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.

‘But there is a considerable distance between driving an organisation with urgency and the characterisation of my conduct that is now being put about.

‘At no point in my tenure as chairman of BP has anyone raised with me any issue about my conduct or my relationship with my colleagues.’

Manifold, who had joined BP last October as it sought to drive an improvement in its performance, said he felt his priorities as the company’s chairman, particularly regarding shareholder interests, differed to others within the group.

This involved driving significant cost-cutting across the business, including ‘laying off thousands of people’, he said.

Manifold said he wanted to ‘set an example’ at a time of cutbacks and that included calling out ‘unnecessary or excessive expenditure’.

‘I had no interest in having a dedicated chauffeur-driven limousine at my beck and call on the occasions that I was in London,’ he insisted.

‘I had no interest in taking private aviation nor in availing myself of corporate tickets for sports events. I made my own coffee, bought my lunch in the local cafe. I sat in a small office, eschewing the grand corner-office privilege of previous chairmen.’

BP’s board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.

Amanda Blanc, senior independent director at BP, said on Tuesday: ‘Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.’

Manifold’s removal came a month after almost a fifth of BP shareholder votes were cast against his election.

Shareholder advisory group Glass Lewis had called for investors to vote against him because of concerns over governance.

BP shares were 0.5% lower at 512.20 pence each on Thursday morning in London

By Anna Wise, Press Association Business Reporter

Press Association: Finance

source: PA

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