Key facts
- BP is searching for a new chairman after Albert Manifold's ousting.
- Rupert Soames, who previously led the CBI, is suggested as a potential candidate for BP chairman.
- Boots is reportedly in sale talks, with its private equity owner preferring an outright sale over an IPO.
- Alex Baldock has been appointed CEO of Boots.
- The City of London Corporation intends to oppose government plans to merge or scrap the City of London Police force.
BP is navigating a leadership transition following the ousting of its chairman, Albert Manifold, amid ongoing recriminations between him and the company. The situation has highlighted a perceived credibility gap at the energy giant, prompting suggestions for a replacement chairman. Rupert Soames, known for his leadership at the CBI, is being considered for the role, although his experience at Smith & Nephew is noted as smaller in scale compared to BP.
Meanwhile, the high street pharmacy chain Boots is reportedly entering sale talks. Its private equity owner, Walgreens Boots Alliance (WBA), is said to prefer an outright sale over a stock market listing, anticipating interest from Canadian and Australian bidders. This comes as Boots has seen a recovery in performance, partly driven by the success of GLP-1 weight loss drugs. Alex Baldock, formerly CEO of Currys, has been appointed CEO of Boots and could be a logical choice for an overseas buyer.
Separately, the City of London Corporation is preparing to oppose government plans to shrink or merge police forces in England. The Corporation argues that the operational independence of the City of London Police is crucial given the Square Mile's significant economic importance to the UK economy, which generates an estimated £109 billion in output. They plan to engage with City businesses to understand potential impacts and reflect their priorities.