BP’s Ousted Chair Manifold Disputes Firm's Accusations

Summary

BP's former chairman Albert Manifold disputes his firing, claiming a false narrative. The board cited governance concerns. The turmoil consolidates authority for new CEO Meg O'Neill, but questions remain about BP's strategic direction as it refocuses on oil and gas after failed renewable bets.

• Albert Manifold was fired as BP chairman after eight months, citing governance concerns.
• Manifold disputes the company's characterizations and will challenge the narrative.
• The firing consolidates authority for CEO Meg O'Neill, who has been in the role for eight weeks.
• BP is shifting strategy back to oil and gas after losing money on renewable bets.
• Higher energy prices have boosted BP's stock performance this year.
• Differentiation from peers like Exxon, Chevron, Shell remains uncertain.
• Investors question the long-term bridge to the future under the new oil-and-gas focus.