Ousted BP chair notes lack of shared strategy on costs
Former BP chair Albert Manifold stated that his focus on cutting costs and strengthening the balance sheet was not shared by everyone at the firm. He expressed confidence in the integrity of the current executive leadership team despite his departure.
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Ousted chair Albert Manifold said on Thursday that internal resistance met his efforts to cut costs and simplify the BP PLC portfolio. The statement follows his departure from the United Kingdom energy major during a period of leadership transition. Investors are assessing whether the friction over restructuring signals deeper strategic divisions within the executive ranks.
