BP chairman removed over 'serious' conduct concerns

BP has made the significant decision to remove its chairman, Albert Manifold, due to "serious concerns" regarding critical governance standards, oversight, and conduct.

Senior independent director Amanda Blanc expressed that the board was "surprised and disappointed" to uncover governance oversight and conduct issues deemed unacceptable, leading to decisive action.

Manifold's tenure as chairman lasted less than a year, with BP’s shares experiencing a 6% decline following the announcement of his removal.

Effective immediately, Ian Tyler has been appointed as interim chair.

Manifold joined BP in September 2025 as a non-executive director and quickly ascended to the chair position the following month.

When he was appointed, BP highlighted Manifold’s "strong track record of strategic leadership and operational delivery."

His removal coincided with BP’s report of a substantial profit increase, attributed to a spike in oil prices since the onset of the Iran war. The energy company announced profits of $3.2 billion (£2.4 billion) for the first quarter following an "exceptional" performance in its oil trading sector.

This development follows last month's annual general meeting (AGM), where nearly 20% of BP shareholders voted against Manifold's election, raising governance concerns.

This shareholder criticism was partly driven by BP's decision not to include a resolution proposed by climate activists at the AGM, with Manifold asserting that the resolution had not been submitted correctly.

AJ Bell's investment director, Russ Mould, noted that while there had been pressure on the company to move past Manifold's predecessor, "not all investors were happy," as evidenced by the 18% of shareholders who voted against his appointment—despite recommendations for dismissal from governance experts Glass Lewis during the April AGM.

Mould pointed out that the company's attempts to transition AGMs to an online-only format and alter its reporting on climate obligations did not "sit well" with some stakeholders.

BP announced it would initiate the search for a permanent chair.

Interim chair Tyler affirmed that the board holds a "deep conviction" in the strategic direction established by the company.

He further noted that the board has been "very impressed" with chief executive Meg O'Neill since she assumed her position in December. "She has already taken bold action to simplify and strengthen the organization, such as announcing the transition to a clearly defined upstream/downstream model," Tyler stated.

O'Neill succeeded former chief executive Murray Auchincloss, who resigned less than two years after taking over from Bernard Looney.

Looney left the company in 2023 after being found guilty of "serious misconduct" for failing to disclose personal relationships with colleagues.