bp’s Big Problem

This week, BP's former chairman escalates a war of words with the energy giant.

And last week we brought you the developing story of Albert Manifold, who had been suddenly and unceremoniously dismissed by BP's board after just eight months on the job.

But a consequential eight months, including the installation of a new CEO tasked with returning BP, the former British Petroleum, to its fossil fuel roots.

According to Bloomberg, Manifold told friends he had been brought in as a street fighter.

His apparently hard-charging ways rubbed some the wrong way.

The board cited governance standards, oversight, and conduct in removing him on May 26th.

For his part, Manifold said his behavior was being mischaracterized and said, quote, "I will not allow a false narrative to go unchallenged."

That's pretty much where we left it last week, and as promised, Manifold did not go quietly.

Late last week, he issued a statement nearly 800 words long, accusing BP of lying about his behavior being a problem, and he paints a portrait of himself as a passionate advocate of cost-cutting, shareholder rights, and good corporate governance.

"I made my own coffee," he wrote.

"Bought my lunch in a local cafe.

I sat in a small office, eschewing the grand corner office privilege of previous chairman."

Manifold also disputed allegations that he was looking to play a more hands-on role at BP.

He did concede that he pushed hard and challenged people directly, but in his words, quote, "There's a considerable distance between driving an organization with urgency and the characterization of my conduct that is now being put about."

Craig, there is so much to talk about here.

We discussed last week this is the latest in a series of executive departures from BP.

That trend has continued since we last met.

On Monday, the company announced the departure of the head of its gas and low carbon business in a reorganization.

That seems in line with the trajectory Manifold and BP CEO Meg O'Neill had charted.

But the big news, of course, is that broadside from Manifold.

From my read, he's trying a bit of image rehabilitation, getting his own lunch, and as he says, t- refusing to fly on the corporate jet.

We should talk about that gambit in a few minutes.

But first, as you pointed out, he also seems to be acknowledging some of this confrontational style, downplaying it and trying to add some context.

The big question, of course, will it work?