BP Removes Chair Albert Manifold Over Governance and Conduct Concerns

AI Summary

BP’s board has removed chair Albert Manifold after just eight months, citing serious governance and conduct concerns. The announcement triggered a 9% plunge in BP’s share price, leaving the company’s leadership and strategic direction under intense scrutiny.

Board Ousts Albert Manifold Over Governance and Conduct Lapses

BP’s board announced the immediate removal of chair Albert Manifold after just eight months, citing “serious concerns” about governance standards, oversight and conduct.

Appointment date: October 2025
Tenure: Eight months
Interim chair: Ian Tyler, former CEO of Balfour Beatty

Share Price Plummets 9% After Chair’s Dismissal

Within minutes of the announcement, BP’s shares fell 9% in London trading, later stabilising to a net decline of about 6%, making the stock the FTSE 100’s top loser that day.

Governance Turmoil Raises Questions on BP’s Strategic Direction

The ouster follows a pattern of senior‑leadership exits at BP, including former CEO Bernard Looney in 2023 for conduct breaches. The board’s swift action underscores heightened scrutiny of BP’s shift back to fossil‑fuel extraction and the abandonment of renewable investments.

What’s Next for BP’s Leadership and Investor Confidence

With Ian Tyler stepping in as interim chair, the board must reassure investors while navigating the ongoing strategic overhaul. Analysts expect a renewed focus on transparent governance and may see further board reshuffles before a permanent chair is appointed.