Refused a limousine, an airplane and was fired: there is a scandal in the European oil giant

Shareholders of the British oil giant BP dismissed the chairman of the board and director Albert Manifold. He was accused of inappropriate management and behavior. The dismissed man himself said that he began to reduce expenses within the company, started with himself and the shareholders did not like it.

BP shareholders dismissed Albert Manifold under the wording of "serious concerns expressed to the board of directors related to important standards of management, supervision and conduct."

This decision led to a 5% drop in the shares of the oil giant, as Manifold is considered the architect of the latest reformatting of the company.

"I completely dispute the characterization of my behavior and will not allow a false narrative to remain without objections. I was fired without warning and without explanation," Albert Manifold said.

As Bloomberg columnist Javier Blas notes, BP has had four CEOs and three chairmen in the last six years!

At the same time, Albert Manifold did not limit himself to a brief objection, but published the reasons why, in his opinion, he was fired.

For example, the former head of BP said that when he joined BP last year, he discovered a company that lacked strategic integrity, clarity in communication and the necessary efficiency in decision-making. According to him, these problems could negatively affect the interests of shareholders. Therefore, from the very first days he focused on reducing costs, simplifying the business structure and strengthening the company's balance sheet.

"In a company that is cutting costs and laying off thousands of people, the management cannot live by one rule and the rest of the employees by another. That is why I opposed unnecessary spending and believed that an example should be set from above," the former BP chairman said in a statement.

As examples, Manifold cited the rejection of a personal limousine with a driver, corporate aviation and the use of corporate tickets for sporting events.

"I made my own coffee, bought lunch at a local cafe and worked in a small office, giving up the privileges enjoyed by my predecessors," said Manifold, claiming that he sought to set an example of careful attitude to the company's funds.

At the same time, Manifold admits that he could act tough in an effort to achieve change.

"If you want to change a large company, it's impossible to please everyone. I really demanded more, asked uncomfortable questions and challenged established approaches. That's why I was invited to BP," Manifold said.

Javier Blas believes that both sides would benefit from breaking the deal and saving face.

"Both sides have enough dirt on each other. And both are not as innocent as they portray themselves. Digging deeper won't help. Undoubtedly, right now Amanda (senior independent director Amanda Blank) should invite Albert "for a few words" over a strong drink," writes Bloomberg columnist in X.