BP has removed its chairman, Albert Manifold, with immediate effect following 'serious concerns' over his governance, oversight, and conduct. The decision was unanimous, according to a statement from the company. Amanda Blanc, BP's senior independent director, said the board was 'surprised and disappointed' by the issues it uncovered, deeming them 'unacceptable.' The company did not provide specific details about the nature of the concerns.
Ian Tyler has been appointed as interim chairman, and a formal process to identify a permanent successor is underway. Tyler emphasized the board's confidence in BP's strategic direction, highlighting strong operational performance and financial discipline. The move comes just months after Manifold was appointed to lead a strategy revamp, shifting BP's focus back to fossil fuels from renewable energy.
Manifold's tenure was marked by a shareholder revolt last month, where investors defeated the board in two key votes, signaling significant opposition to his appointment. His leadership followed a period of turmoil at BP, including the resignation of former CEO Bernard Looney in 2023 and the departure of Murray Auchincloss in late 2025 amid pressure over the company's stock performance and strategic direction.
BP's shares fell as much as 9% in London following the announcement, though they later pared some losses. The company reported a more than doubling of first-quarter profit to $3.2 billion, driven by oil trading gains tied to the Iran war. Meg O'Neill, who succeeded Auchincloss as CEO, has been praised for her performance and efforts to reorganize the company into distinct upstream and downstream divisions.