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00:03BP's ousted chairman Albert Manifold secretly met with activist investor Elliot Management
00:08without directly informing fellow board members, sources told Reuters.
00:12BP ousted chairman Albert Manifold this week after less than eight months in the role,
00:17citing governance and conduct issues. Those meetings were not technically a rule breach
00:21and were not the primary reason for his dismissal, but were characterized as acting
00:26unilaterally and not in good faith. Complaints about bullying behavior toward executive and
00:32lower-level staff also alarmed the board. Elliot, which disclosed a stake of over 5% in BP last year,
00:39had pushed for cost cuts, a shift back to oil and gas, and a simpler organizational structure.
00:46BP appointed Ian Tyler as interim chairman. Manifold disputed the characterization of his
00:52misconduct and said he was ready to challenge any false narrative.
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