Oil giant BP ousts recently appointed chair over governance concerns and “conduct issues”

BP Removes Chair Albert Manifold Over Governance and Conduct Concerns

Oil giant BP made a significant decision on Tuesday by removing Chair Albert Manifold from his position due to serious governance and conduct concerns. This abrupt decision came less than a year after Manifold was appointed to lead the board.

The board unanimously agreed that Manifold should no longer serve as chair and a director, with his immediate removal taking effect. In a statement, BP stated that they identified governance oversight and conduct issues that were deemed unacceptable, leading to this decisive action.

Amanda Blanc, senior independent director at BP, expressed the board’s surprise and disappointment at the situation. In response to these developments, Ian Tyler, chair of Grafton Group, will step in as the interim chair while BP initiates a search for a permanent replacement.

Manifold, who previously led CRH, a global building materials company based in Dublin, was appointed to his role at BP with the goal of steering the company through challenging times of falling demand. BP’s 2025 earnings saw a 16% decrease from the previous year, largely attributed to a drop in the price of Brent crude.

Following this announcement, BP’s shares experienced a 5% decline on the NYSE, reflecting investor concerns over the leadership change.