{"text":[[{"start":9.55,"text":"BP has backed Dame Amanda Blanc to lead a search for a new chair for the second time in a year, despite pressure from investors and City figures for a fresh approach following the abrupt departure of Albert Manifold. "}],[{"start":22.450000000000003,"text":"Multiple City figures including large investors in BP told the FT that Blanc’s ability to lead the search as a senior independent director had been undermined by Manifold’s shortlived stint as chair, and she would lack support from shareholders to make a second appointment."}],[{"start":38.95,"text":"But BP’s interim chair Ian Tyler said in response to questions from the FT, “at the request of the board, Amanda Blanc will lead the search process for BP’s next chair”. He added that the new search process would be “rigorous” and the appointment would reflect the board’s collective view. "}],[{"start":55.85,"text":"Blanc, who is chief executive of FTSE 100 insurer Aviva as well as senior independent director of the oil major, led BP’s search for a replacement for Helge Lund in 2025 and appointed Manifold as chair last July. At the time she said that Manifold’s “relentless focus on performance . . . is well suited to BP’s needs now and into the future”."}],[{"start":79.1,"text":"Manifold was dramatically removed last week after just eight months in the job with BP claiming that there were “serious concerns” over his behaviour, which some people close to the company have described as “bullying”. "}],[{"start":92.5,"text":"Manifold has rejected the allegations as “lies” and people close to the Irish executive, who helped build Dublin-based building supply company CRH into a global operator, have indicated he is preparing potential legal action."}],[{"start":106.65,"text":"The latest BP boardroom drama, which follows a series of management mishaps at the energy major, has sparked fierce debate in the City about Blanc’s future role at the company."}],[{"start":117.45,"text":"One BP investor said Blanc should recuse herself from running the process for the company’s next chair and wait to be “refreshed” once the next candidate is in place. "}],[{"start":127.4,"text":"Samuel Johar, chair of board advisory firm Buchanan Harvey, said: “Whilst I have a high regard for what Amanda has achieved at Aviva her performance at BP has been poor. "}],[{"start":138.75,"text":"“Given that most people were surprised by the appointment of Mr Manifold and then shocked by the manner of his departure, it would be best for BP and all stakeholders if Amanda were not to lead the search for the next chair.”"}],[{"start":151.6,"text":"Another senior City figure said: “If I were the [senior independent director], I would clearly step down because they clearly made a mess of recruiting [Manifold] in the first place."}],[{"start":162.04999999999998,"text":"“It was a judgment call and she made a bad call,” they added. "}],[{"start":165.64999999999998,"text":"One senior headhunter agreed Blanc should not lead the search for a new chair but said that she should not need to step down from the BP board entirely. "}],[{"start":175.09999999999997,"text":"“[It’s] inevitable that Amanda Blanc will be the lightning rod for this mess, when it was a board decision to hire Manifold and a unanimous decision to fire him,” the headhunter said."}],[{"start":175.39999999999998,"text":"Another investor said that Blanc “got the search half-right the first time around, and the most important half arguably. BP’s board was looking for someone with enthusiasm and drive . . . and from that standpoint it would get a tick”. "}],[{"start":189.14999999999998,"text":"But the investor argued that if reports of Manifold’s alleged behaviour had leaked out before the departure, Blanc “would have faced even more questions as to why she was tolerating it. Amanda should still lead the process, but BP will be ultra-cautious about their next hire.”"}],[{"start":205.89999999999998,"text":"In recent days Blanc and BP’s investor relations department have held calls with shareholders who expressed frustrations about the handling of Manifold’s abrupt exit. One person familiar with the matter said Blanc’s role at BP was not raised as a concern."}],[{"start":220.29999999999998,"text":"Another person close to the situation said it was “quite unfair to be singling out Blanc”. "}],[{"start":226.04999999999998,"text":"“A senior independent director draws up a shortlist,” the same person said. “[But it] was a board decision on appointing Manifold.”"}],[{"start":233.39999999999998,"text":"They added that Blanc’s role as the BP board’s sole external chief executive made her a “heavyweight” with investors."}],[{"start":240.79999999999998,"text":"An adviser to BP said: “Everyone wishes this hadn’t happened, which means that Amanda and the board will be determined to find the perfect person for this next stage. Amanda is an important voice in the boardroom and is incredibly competent.”"}],[{"start":255.2,"text":"Since joining the BP board in 2022, two years after first becoming Aviva’s chief executive, Blanc has presided over a doubling in the insurer’s share price and has struck a £3.6bn takeover of rival Direct Line."}],[{"start":271.34999999999997,"text":"As one of eight FTSE 100 female chief executives, Blanc has made a name for herself in calling out toxic cultures."}],[{"start":278.7,"text":"She resigned as chair of Wales’s Professional Rugby Board in 2023 and penned an open letter where she said she had not been listened to when she raised complaints about “derogatory and disparaging comments about women” within the organisation."}],[{"start":292.3,"text":"Blanc also generated headlines in 2022 when she hit back at “inappropriate” remarks made by investors, including a question on whether she was “not the man for the job” at her first annual shareholder meeting as chief executive."}],[{"start":313.8,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780370284_4733.mp3"}