Top BP investors and former executives are concerned the UK oil major may lose momentum over the aggressive cost-cutting and restructuring plan driven by former chair Albert Manifold before his abrupt exit last month.
Shareholders told the FT they remained in the dark about the precise circumstances that led to the departure of the 63-year-old Irish executive, and some feared his strategy had made enemies inside an organisation that was resistant to his changes.
“He was aggressively instituting change and that made the bureaucracy uncomfortable,” said one leading investor. “Were people trying to get him out of the door? That is our and many other investors’ concern.”
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