BP Removes Chairman Albert Manifold Over Governance Concerns

BP’s board removed chairman Albert Manifold on Tuesday, saying governance oversight and conduct issues meant he should no longer serve. The board said the decision was unanimous and effective immediately.

Senior independent director Amanda Blanc described the board as ‘surprised and disappointed’ in a statement. The company provided no further details and Manifold did not respond to requests for comment. Board member Ian Tyler was appointed interim chairman while a permanent successor is sought.

Shares fell sharply after the announcement, dropping more than 9% intraday before recovering some ground. In London trading the stock remained more than 4% lower later in the session. BP’s American depositary receipts fell over 4% in early U.S. trading.

Several board members raised concerns about Manifold’s style, describing it as overly aggressive and more typical of an executive chairman. They reported instances in which he spoke down to senior staff in private conversations and meetings. Manifold, an Irish executive recruited last year from construction materials group CRH, had been hired to sharpen operational discipline and refocus BP on oil and gas.

Manifold was involved in recent leadership changes, including the removal of the previous chief executive and the appointment of Meg O’Neill. Ian Tyler will lead the board on an interim basis while a search for a permanent chair continues.

Analysts raised questions about the board’s hiring checks and selection process. Lydia Rainforth of Barclays wrote that the appointment prompts scrutiny of how Manifold was chosen. Kathleen Brooks of XTB asked why governance concerns did not surface during recruitment and noted the exit could strengthen Meg O’Neill’s position internally.

Alastair Syme of Citi observed that Manifold’s brief tenure included significant leadership moves and asked whether those changes had already set BP’s strategic path. Biraj Borkhataria of RBC Capital Markets said that absent any financial misconduct, the share weakness could create buying opportunities.

Manifold’s removal follows other recent senior departures at BP, including the resignation of former CEO Bernard Looney in September 2023 after the company said he had not been fully transparent about past relationships. BP has been working to reduce debt, raise shareholder returns and refocus on oil and gas while benefiting from higher oil prices and improved trading conditions.