Outgoing BP chief auchincloss earned 5.3 million pounds in 2025

BP trims board as part of chairman Manifold's reset plan

BP Board Restructuring and Strategic Reset

By Stephanie Kelly

LONDON, March 6 (Reuters) - BP Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil company's reset strategy, with former Shell chief financial officer Simon Henry among those departing.

Board Changes Under Manifold

The leaner board is one of Manifold's changes since arriving as chairman in October and pushing for a faster shift back to oil and gas investments. In December, CEO Murray Auchincloss abruptly left, with Woodside Energy's Meg O'Neill set to take over in April.

Departing Directors

Manifold said Melody Meyer and Karen Richardson would also exit as directors. Henry joined the board in September, while Richardson and Meyer were appointed in 2021 and 2017, respectively.

Board Composition and Rationale

After the departures, the board will have 10 directors, down from 13. Manifold said the majority will have been appointed in the last five years.

"We believe that a leaner board is a more agile board, and that this is essential at this point in the execution of BP’s reset strategy," he said. "It will allow for faster decision-making and sharper oversight, both of which are critical to driving long-term shareholder value."

Financial Performance and Strategic Shifts

Profit Decline and Buyback Suspension

BP's profits fell 16% in 2025 to $7.5 billion. In February, it suspended share buybacks to prioritise debt reduction.

Refocus on Oil and Gas

The company began a major strategy shift last year, cutting billions in planned renewable projects and refocusing on traditional oil and gas after a renewables push under former CEO Bernard Looney.

Leadership and Remuneration

CEO Remuneration

O'Neill is BP's first external CEO appointment in more than a century. She will receive a base salary of 1.6 million pounds ($2.1 million), according to the company's annual report on Friday.

Auchincloss earned 5.3 million pounds last year, down from 5.4 million pounds in 2024, the report showed.

Share Performance

BP shares rose 10% last year, compared with gains of 12% for Exxon Mobil and 11% for Shell. BP shares were up 0.5% at 1407 GMT, while the European energy index was up around 0.1%.

Annual General Meeting and Shareholder Resolutions

Proposed Resolutions

BP's board also recommended that shareholders vote against a proposed resolution seeking enhanced disclosure on how the company's investments support disciplined capital allocation. 

Company Response

BP said the proposal - coordinated by the Australasian Centre for Corporate Responsibility - did not reflect its existing focus on capital discipline.

AGM Details

The Annual General Meeting will take place on April 23.

($1 = 0.7499 pounds)

(Reporting by Stephanie Kelly. Editing by Tomasz Janowski, Jane Merriman and Mark Potter)