Former BP Chair Claims Cost-Cutting Led to His Dismissal Amid Controversy

Albert Manifold, the recently ousted chairman of BP, has publicly responded to his removal, asserting that his focus on cost-cutting may have contributed to his unpopularity within the company. Dismissed after less than a year, BP cited serious concerns regarding governance and conduct, though Manifold disputes the allegations of bullying and misconduct, calling them 'lies.' He emphasized his efforts to reduce expenses, such as using public transport and avoiding lavish perks, during a time when the company was laying off employees. BP has seen significant leadership instability, with this being the third CEO change since 2019, and its shares have dropped by approximately 6.5% this week, reflecting ongoing turmoil.

Key Details: • Manifold served as BP chairman for less than a year before his ouster. • BP's shares have fallen by about 6.5% this week. • Manifold's cost-cutting measures included using public transport and making his own coffee.