At some companies, getting rid of the boss is nigh impossible. Just look at US tech giants SpaceX and Meta Platforms, where leaders Elon Musk and Mark Zuckerberg are de facto unremovable. At other companies, defenestrations seem to happen all too often. UK oil major BP is an unhappy example of one where rapid change is becoming the norm.
The beleaguered oil major has removed chair Albert Manifold after less than a year in the job over “serious concerns” about “important governance standards, oversight and conduct”. This adds to a long list of senior departures. Since 2023, BP has parted ways with two chief executives, Murray Auchincloss and Bernard Looney, and one board chair, Helge Lund.
Companies can generally withstand high-level oustings even if they come as a nasty surprise; BP’s share fell about 5 per cent on Tuesday. In the end, single honchos have less sway than their salaries sometimes imply. At BP, there are outward indications that the underlying organisation has revved up, with resilient production and few outages on display at first-quarter results. Manifold had installed a well-respected new chief executive in Meg O’Neill, working alongside deputy Carol Howle and finance chief Kate Thomson.