BP ousts chair citing governance and conduct issues
BP’s board has sacked chairman Albert Manifold, expressing serious concerns about his management standards, oversight and conduct in the latest leadership turmoil that will shake the major oil company and send its share price plummeting by up to 10 per cent.
Manifold was acting aggressively towards different colleagues at the company as a reason for his firing on Tuesday, four sources with knowledge of the matter said.
A source close to BP’s board said the board had received enough information following the whistleblower report to find there was an unacceptable pattern of behaviour. The sources declined to be identified because they were not authorized to speak publicly.
A BP spokesman declined to provide further details. In a statement emailed to Bloomberg News, Manifold disputed the accusations of misconduct.
“I was suspended without any warning or explanation,” Manifold said.
“I completely dispute the characterization of my behavior and will not allow a false narrative to go unchallenged.”
Reuters could not reach Manifold for comment.
Manifold’s surprise sacking comes less than eight months after he took over to oversee a strategy revamp and follows years of management loss at BP.
In 2023, former BP CEO Bernard Looney was fired for lying to the board about personal relationships with colleagues.
His successor, Murray Auchincloss, left suddenly for no clear reason in December 2025 and was immediately announced as a replacement for former Woodside CEO Meg O’Neill.
He is BP’s fifth CEO since 2020 and is expected to accelerate the company’s shift from renewable energy to a renewed focus on oil and gas.
“It’s fair to say at this point that BP has the most volatile boardroom of the oil majors,” said Lindsey Stewart, Morningstar’s director of institutional investor content.
“With the resurgence of share prices so far this year, BP should reap the benefits of a strategic reset,” Stewart said.
“Instead, the company has named its third CEO and now its third president in less than three years. It is clear that taking control of corporate governance and strategy at the company should be the priority of the interim president and his eventual successor.”
The company said Ian Tyler, the former chairman of British construction group Balfour Beatty and a member of BP’s board since last year, will be interim chairman.
BP said in a statement that its board of directors unanimously decided that Manifold, who has the backing of activist hedge fund Elliott, which owns a nearly five percent stake in BP, should no longer serve as chairman and director, effective immediately.
“This follows serious concerns raised with the board regarding key governance standards, oversight and management,” BP said.
Amanda Blanc, senior independent director who oversaw Manifold’s appointment in October, said: “Albert has helped bring welcome focus and momentum to BP’s transformation. But the board has been surprised and disappointed in its governance oversight and management of what it sees as unacceptable issues and has taken decisive action.”
Elliott declined to comment. BP shares fell almost 10 percent following the announcement and trading was briefly halted. They later reduced some of their losses to around 4 percent. The index of European energy companies lost around 0.1 percent.
via Reuters
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