BP ousts Chair Albert Manifold citing governance and conduct issues
BP Board Removes Chair Amid Governance Concerns
By Shadia Nasralla
May 26 (Reuters) - BP's board on Tuesday ousted Chair Albert Manifold and expressed serious concerns about his governance standards, oversight and conduct in the latest leadership turmoil to rock the oil major, driving its share price down as much as 10%.
Reasons Behind Manifold's Dismissal
Four sources with knowledge of the matter said Manifold had acted aggressively with different colleagues across the company, citing that as one reason for his firing. The board had received enough information following a whistleblower report to ascertain that there was a pattern of unacceptable behaviour, said one of the sources, who is close to BP's board. The sources declined to be identified because they were not authorised to speak publicly.
A BP spokesperson declined to give further details.
Manifold's Response to Allegations
Manifold disputed the accusations of wrongdoing in a statement emailed to Reuters on Wednesday.
"I was removed without warning and without explanation," Manifold said. "I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged."
A spokesperson for Manifold did not immediately respond to a request for further details, including on any next steps Manifold was considering.
Leadership Changes and Boardroom Volatility
Manifold's surprise removal came just under eight months after he took office to help oversee a strategy revamp, and follows years of management churn at BP. In 2023, former BP CEO Bernard Looney was fired after lying to the board about his personal relationships with colleagues. His successor, Murray Auchincloss, left abruptly in December 2025 with no clear reason, and former Woodside CEO Meg O'Neill was immediately announced as his replacement. She is BP's fifth CEO since 2020, and is expected to accelerate the company's shift away from renewable energy to refocus on oil and gas.
Market and Industry Reactions
"At this point it's fair to say BP has the most volatile boardroom of the oil supermajors," said Lindsey Stewart, director of institutional investor content at Morningstar.
"With a resurgent share price so far this year, BP should be taking credit for the rewards of its strategic reset," Stewart said. "Instead, the company is on its third CEO and now its third chairman in under three years. It's clear that getting a grip on corporate governance and strategy at the company must be a priority of the interim chair and his eventual successor."
Appointment of Interim Chair
Ian Tyler, a former chief of British construction group Balfour Beatty and a BP board member since last year, will be interim chair, the company said.
Official Statements and Shareholder Impact
In a statement on Tuesday, BP said its board had unanimously decided that Manifold - who has had the backing of activist hedge fund Elliott, which has built up a stake of around 5% in BP - should no longer serve as chair and director with immediate effect.
"This follows serious concerns raised to the board related to important governance standards, oversight and conduct," BP said.
"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," said senior independent director Amanda Blanc, who oversaw Manifold's appointment in October.
Elliott declined to comment.
BP shares were down almost 10% after the announcement and their trading briefly halted. They later pared some losses to trade down around 4%. An index of European energy companies was down around 0.1%.
Background on Manifold's Appointment
Manifold Was Appointed Amid Takeover Speculation
Manifold, who had never held a job in the energy industry before BP, made a name for himself as the chief at building materials producer CRH, reshaping its portfolio. He also moved its primary listing from Ireland to the U.S. and the share price rose.
BP announced his appointment last year after years of share underperformance against its rivals had prompted persistent takeover and break-up speculation.
Board Changes Under Manifold
Under Manifold, BP's board shrank. Shell finance chief Simon Henry, who only joined BP in September, was among those leaving.
Shareholder Sentiment and AGM Events
In April, at BP's annual general meeting, the board failed to get two of its resolutions accepted by shareholders and Manifold's appointment as chair got less support than typical.
While the board stood united at the AGM, proxy adviser Glass Lewis said at the time that Manifold was ultimately accountable for BP's decision to exclude a resolution filed by climate activist group Follow This and thus recommended a vote against him. His appointment was confirmed by around 82% of votes, well below the typical near 100% tally for directors.
(Additional reporting by Stephanie Kelly, Raechel Thankam Job in Bengaluru, Chris Thomas in Mexico City; Editing by Barbara Lewis, Emelia Sithole-Matarise and Bill Berkrot)
