BP has formally appointed Ian Tyler as its permanent chair, concluding a months-long search initiated after the abrupt dismissal of Albert Manifold in May. Tyler, who has served as interim chair since May 26 and as a non-executive director since April 2025, assumes the role immediately. His appointment comes amid significant leadership changes, including the announced departure of senior independent director Amanda Blanc from the board after the 2027 AGM.
Manifold's removal after only eight months in the position was attributed by BP to concerns regarding governance oversight and conduct, though Manifold disputed these claims, stating he was removed "without warning and without explanation." This leadership upheaval follows a period of management churn at the oil major. Shares of BP have seen a positive trend, climbing approximately 25% this year, partly due to increased oil and gas prices influenced by global events like the US-Iran war.
Tyler, a former chief executive of Balfour Beatty, also chairs Grafton Group and is a senior independent director at Anglo American. He is tasked with overseeing a strategic shift to refocus on fossil fuel extraction and streamline the company's portfolio. This move aligns with CEO Meg O'Neill's priorities, who took over in April and aims to strengthen the balance sheet, simplify the portfolio, and improve operational performance. Investors are awaiting O'Neill's full strategic outline, but the appointment of Tyler, known for his collegiate approach, signals a deliberate choice for stability and a mandate to prioritize the core oil and gas business.
