BP Removes Chairman Albert Manifold Over Governance and Conduct Lapses

Oil giant BP has removed its chairman, Albert Manifold, less than a year into his tenure, citing “serious concerns” over governance standards, oversight, and conduct. Senior independent director Amanda Blanc stated the board was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.” Shares fell by 6% following the announcement.

Governance Failures and Immediate Succession

The board’s decision to remove Manifold stems from what it described as breaches of “important governance standards, oversight, and conduct.” Ian Tyler has been appointed interim chair with immediate effect. BP confirmed it would begin the search for a permanent chair. Tyler said the board had “deep conviction” in the company’s strategic direction and had been “very impressed” with chief executive Meg O’Neill since she took over last December. “She has already taken bold action to simplify and strengthen the organisation such as announcing the move to a clearly defined upstream/downstream model,” Tyler added.

Manifold’s Tenure and Financial Context

Manifold joined BP in September 2025 as a non-executive director and was appointed chair the following month. At the time, BP described him as having “a strong track record of strategic leadership and operational delivery.” His removal comes after BP reported a doubling in profit, driven by a surge in oil prices since the start of the Iran war. In its first quarterly results since the conflict began, the energy giant posted profits of $3.2 billion (£2.4 billion) for the period between January and March, citing an “exceptional” performance in its oil trading business.

Context

The abrupt removal of a chair due to governance concerns is uncommon in the energy sector but not unprecedented. In 2023, Swiss trading firm Trafigura replaced its CEO after an internal investigation into alleged misconduct. More recently, in 2024, Shell faced investor scrutiny over board oversight following a compliance breach in its trading division.