BP Crisis Deepens as Ousted Chairman Fights Back
BP Governance Crisis Escalates
BP's former Chairman Albert Manifold has hit back at the oil major after being ousted for governance and conduct issues. Manifold stated he was 'removed without warning and without explanation.'
Stock Declines
BP's American depositary receipts fell 1.4% in Wednesday's premarket, following a 3.9% drop in the previous session.
Manifold's Strong Response
'The board's statement this morning acknowledged the focus and pace I brought. I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged,' Manifold said.
New CEO and Strategic Reset
BP had appeared to turn a corner, benefiting from higher crude prices and volatile trading conditions. Manifold managed the process to find new CEO Meg O'Neill, who took over in April.
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