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BP's Hiring of Former CRH CEO Manifold Raises Due Diligence Questions After Ouster

Financial Times Companies •
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BP's abrupt removal of chair Albert Manifold eight months into his tenure has sparked questions about whether warning signs were missed during the recruitment process. Former colleagues from his previous role at Irish cement group CRH described a management style that could leave staff feeling humiliated or sidelined, raising concerns about the oil major's vetting procedures.

Interviews with ten former CRH employees painted a mixed picture of Manifold as both strategic visionary and volatile leader. Some praised his ability to oversee nearly 80,000 employees across 30 countries, while others recalled public reprimands and temper outbursts when challenged. His lawyers dispute these characterizations, calling the incidents untrue and emphasizing his track record.

During his decade at CRH, the company's stock surged nearly 400% and market capitalization exceeded $60bn. However, this success coincided with opulent staff events featuring Ferraris, private jets, and luxury hotels in Rome and Singapore - starkly contrasting with Manifold's frugal messaging at BP. After years of these trips, CRH reportedly reined in spending as 'over the top' for a building materials company.

The controversy centers on Egon Zehnder's recruitment process and whether BP conducted adequate due diligence. Manifold's transition from CRH CEO to BP chair represents an unusual career move that now faces intense scrutiny, with questions mounting about corporate governance and executive background checks at Britain's energy giant.