BP has removed its chairman, Albert Manifold, with immediate effect, citing serious concerns from the board related to "important governance standards, oversight and conduct." Manifold, who had only been in the role for eight months since October 2025, had faced scrutiny at the company's annual general meeting last month, where 18% of shareholders voted against his appointment. This decision led to a significant market reaction, with BP's shares tumbling by as much as 9% before paring losses to trade down around 4%.
The board's decision was unanimous, with Senior Independent Director Amanda Blanc stating that while Manifold had brought focus to BP's transformation, the board was "surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable." Reports suggest Manifold's behavior was considered overly aggressive and that he attempted to exert control in a manner more fitting for an executive than a chair. Interim chair Ian Tyler has been appointed and a search for a permanent chair will commence. Tyler emphasized the board's conviction in the company's strategic direction and its focus on operational performance and financial discipline, praising CEO Meg O'Neill for her leadership.
Analysts have noted the recurring instability in BP's boardroom. Russ Mould, investment director at AJ Bell, highlighted that even with pressure to move on from Manifold's predecessor, not all investors were happy with Manifold's appointment. Maurizio Carulli, global energy analyst at Quilter Cheviot, described the news as a "short-term negative" but underscored BP's significant operational improvements and strategic refocusing over the past year, attributing this success to the entire organization, not just one individual. Lindsey Stewart, director at Morningstar, called BP's boardroom the "most volatile" among oil supermajors, stressing that getting a grip on corporate governance and strategy must be a priority for the interim chair and his eventual successor.
