BP removes chairman Manifold after governance issues, shares fall 6%

BP's board unanimously removed Chairman Albert Manifold over governance and conduct issues, sending shares down 6% and deepening leadership turmoil at the British energy major.

BP Plc's board ousted Chairman Albert Manifold with immediate effect after uncovering governance oversight and conduct issues it deemed unacceptable, sending London-listed shares down 6% and deepening leadership instability at the 117-year-old energy major.

"Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, senior independent director at BP, said.

Manifold, who took over as chairman in October, had played a central role in accelerating BP's strategic pivot back toward fossil fuels. The company in February 2025 unveiled plans to cut spending on transition-related assets and refocus on its traditional oil-and-gas business in a bid to revive its share price. BP also appointed Meg O'Neill as its fifth chief executive in six years at the end of last year.

The abrupt departure creates fresh uncertainty at a critical juncture. BP's stock has struggled to recover from years of underperformance relative to U.S. peers Exxon Mobil Corp. and Chevron Corp., and the leadership vacuum risks slowing the execution of O'Neill's turnaround strategy. Board member Ian Tyler will serve as interim chairman while the company searches for a permanent replacement.

The board's decision was unanimous, BP said in a statement Tuesday. The company declined to provide further details on the specific governance issues that led to Manifold's removal, and Manifold could not immediately be reached for comment.

Leadership Turmoil Deepens

Manifold's ouster marks the latest upheaval in BP's boardroom. The company has now cycled through five CEOs in six years and faces the challenge of stabilizing its leadership while navigating the energy transition. O'Neill, who took the helm late last year, must now contend with an interim chairman as she pushes forward with the strategy Manifold helped design.

The governance concerns come at a time when BP is under pressure from investors to improve returns. The company's shift back toward oil and gas — reversing some of the ambitious renewable-energy targets set under former CEO Bernard Looney — was intended to narrow the valuation gap with U.S. rivals. BP's market capitalization of roughly 65 billion pounds ($83 billion) remains less than half of Exxon's, which stood at about $440 billion as of last close.

The last time BP faced a leadership crisis of this magnitude was in 2022, when Looney's resignation over personal conduct issues triggered a strategic review that ultimately led to the company's pivot back to fossil fuels. That episode erased about 8 billion pounds in market value over two weeks, according to Bloomberg data.

This article is for informational purposes only and does not constitute investment advice.