BP Chair's Controversial Exit Sparks Leadership Debate

BP is once again at the center of a leadership controversy as former chair Albert Manifold was removed amid concerns over his governance and conduct.

In a statement released Thursday, Manifold acknowledged his determination to drive cost-cutting and performance but vehemently denied any misconduct. He criticized anonymous sources for spreading alleged falsehoods about his tenure.

Manifold has now secured legal representation by hiring Mishcon de Reya as he contemplates his next steps following the abrupt end of his eight-month tenure, while new CEO Meg O'Neill's leadership is seen positively.

(With inputs from agencies.)