BP Chairman Ousted Over Governance Issues
BP has removed its chairman, Albert Manifold, with immediate effect due to “serious concerns” regarding “important governance standards, oversight and conduct,” the company stated. The BBC has learned that allegations of “bullying” and “overbearing” behavior were also factors in his dismissal. Manifold’s tenure lasted less than a year, having joined the company in September 2025 as a non-executive director and subsequently appointed chair in October of the same year. BP has declined to comment on specific details regarding bullying behavior as a reason for the immediate dismissal, and the BBC has sought comment from Manifold.
A source close to the company described the decision as significant, stating, “This is a big lever to pull, you wouldn’t do it unless it was serious.” Senior independent director Amanda Blanc confirmed the board’s unanimous decision, expressing that the board was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.” Blanc had previously led the search for a new chair following Helge Lund’s departure.
Market Reaction and Financial Performance
Following the announcement of Manifold’s removal, BP’s shares experienced a decline of approximately 5%. Ian Tyler has been appointed as the interim chair, effective immediately. This leadership change occurs as BP reported a doubling of its profits, attributed to a surge in oil prices following the onset of the Iran war. In the first quarter since the conflict began, the energy giant announced profits of $3.2 billion (£2.4 billion), driven by an “exceptional” performance in its oil trading division.
Manifold’s departure follows a recent annual general meeting (AGM) where nearly 18% of BP shareholders voted against his election, citing governance concerns. These criticisms were partly linked to BP’s decision not to include a resolution proposed by climate activists, which Manifold stated had not been filed correctly. Russ Mould, investment director at AJ Bell, noted that despite prior pressure to replace Manifold’s predecessor, “not all investors were happy… judging by how 18% of shareholders voted against his appointment – and recommendations to do so from governance experts Glass Lewis – at April’s AGM.” Mould also indicated that proposed changes to make AGMs online-only and alter the company’s reporting on climate issues had not been well-received.
Strategic Direction and Analyst Views
BP has announced its intention to commence a search for a permanent chairman. Interim chair Tyler expressed the board’s “deep conviction” in the company’s strategic direction and praised chief executive Meg O’Neill, who took over in December. Tyler highlighted O’Neill’s “bold action to simplify and strengthen the organisation,” including the move to a defined upstream/downstream model. O’Neill succeeded Murray Auchincloss, who himself replaced Bernard Looney in 2023 after Looney resigned due to “serious misconduct” related to undisclosed relationships with colleagues.
Maurizio Carulli, a global energy analyst at Quilter Cheviot, commented that Manifold’s impact was “necessarily limited” due to his short tenure, aside from his role in appointing the new chief executive. Carulli characterized the news of Manifold’s departure as a “short-term negative,” but emphasized that BP has achieved “significant operational improvements and strategic refocusing over the past year,” attributing these successes to the collective efforts of the organization and its management rather than a single individual.
The company’s strategy is not expected to change, and there is no indication that O’Neill’s position is in doubt. Manifold was chairman when O’Neill was hired.
