According to the company's authorities, the reason for this sudden decision is: serious allegations regarding corporate governance standards, supervision and managerial misconduct.
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The financial markets' reaction to these reports was immediate and ruthless. Around 12:32 London time the company's shares fell by 9.3%, falling to 500 pence.
The management board is disappointed with the attitude of the head of BP
The company's authorities do not hide the fact that the situation they had to face is a deep shock for them. The official statement published on BP's website leaves no doubt as to the scale of the shortcomings allegedly committed by the dismissed chairman.
“The Board was surprised and disappointed to learn of governance oversight issues and behavior that it considered unacceptable and took decisive action” – says Amanda Blanc, senior independent director at BP, in an official statement.
Manifold's sudden and unexpected departure drastically lengthens the series of problems at the highest levels of power in the company. This comes at the worst possible time – just when BP was about to recover from years of dismal financial and operational performance.
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It is worth recalling that Manifold was a key figure in the recent staffing revolution: he played a vital role in the ouster of previous Chief Executive Officer (CEO) Murray Auchincloss and the appointment of Meg O'Neill.
The new leader is supposed to calm down the mood
To save the situation and prevent further panic among shareholders, the supervisory board immediately appointed a temporary successor. Ian Tyler was appointed acting chairman.
In his message, the new head of the council tried to calm the market and ensure that internal personnel frictions would not affect the giant's long-term plans. Tyler emphasized that BP management remains “deeply confident in the strategic direction we have taken.”
