BP Ousts Chairman Amid Governance Controversy
BP has abruptly removed Chairman Albert Manifold, who had been in the role for less than a year, citing 'serious concerns' regarding corporate governance and conduct. The news caused BP shares to plunge nearly 6% in London. Ian Tyler has been appointed as interim chairman, though specific details of the misconduct remain undisclosed.
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- 📰 Published: May 27, 2026 at 13:13
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Central News Agency, London, May 26. BP abruptly removed Chairman Albert Manifold today, less than a year after he took office, stating that the move was due to 'serious concerns' regarding corporate governance standards, regulation, and conduct.
According to AFP, Amanda Blanc, BP's senior independent director, said in a statement: 'The board is surprised and disappointed by the issues of corporate governance oversight and conduct, and considers these situations unacceptable and has taken decisive action.'
BP did not disclose specific details of the misconduct and declined to comment further.
Following the news, BP's share price plunged nearly 6% on the London Stock Exchange, making it the biggest decliner on the FTSE 100 index.
Board member Ian Tyler was immediately appointed as interim chairman. Manifold took over as chairman last October, at a time when BP was refocusing on more profitable oil and gas operations while cutting investments in clean energy.
In her statement, Blanc noted that 'Manifold helped BP transform and brought clearer direction and pace,' but BP stated that he 'should resign from his position as chairman and director immediately, because the board received serious concerns.'
The Financial Times, citing anonymous sources, reported that other directors felt Manifold's style was too aggressive and believed he had over-controlled the company.
BP faced shareholder backlash during its annual general meeting last month. Investors rejected a proposal that would have lowered the company's climate information disclosure requirements.
Some investors' dissatisfaction was also directed at Manifold, as only 82% of shareholders supported his election, lower than the usual near-unanimous approval.
Kathleen Brooks, research director at trading group XTB, said: 'He was seen as a strong and controversial chairman... Manifold's departure so quickly does raise concerns about BP's HR policies and corporate culture.'
Richard Hunter, head of markets at Interactive Investor, said: 'Unfortunately, this is not the first time BP has been involved in board disputes, which may be one of the reasons for the unusually large drop in share price.'
Hunter added: 'On an operational level, the CEO and the board remain in place, so the company's strategy should continue to be pushed forward. Ironically, Manifold was seen as an important driver of the group's recent recovery... Until the details leading to his departure are made public, there may still be some uncertainty in the market, but the board's swift and decisive action may have dispelled concerns about whether the problem is more widespread within the group.'
According to AFP, Amanda Blanc, BP's senior independent director, said in a statement: 'The board is surprised and disappointed by the issues of corporate governance oversight and conduct, and considers these situations unacceptable and has taken decisive action.'
BP did not disclose specific details of the misconduct and declined to comment further.
Following the news, BP's share price plunged nearly 6% on the London Stock Exchange, making it the biggest decliner on the FTSE 100 index.
Board member Ian Tyler was immediately appointed as interim chairman. Manifold took over as chairman last October, at a time when BP was refocusing on more profitable oil and gas operations while cutting investments in clean energy.
In her statement, Blanc noted that 'Manifold helped BP transform and brought clearer direction and pace,' but BP stated that he 'should resign from his position as chairman and director immediately, because the board received serious concerns.'
The Financial Times, citing anonymous sources, reported that other directors felt Manifold's style was too aggressive and believed he had over-controlled the company.
BP faced shareholder backlash during its annual general meeting last month. Investors rejected a proposal that would have lowered the company's climate information disclosure requirements.
Some investors' dissatisfaction was also directed at Manifold, as only 82% of shareholders supported his election, lower than the usual near-unanimous approval.
Kathleen Brooks, research director at trading group XTB, said: 'He was seen as a strong and controversial chairman... Manifold's departure so quickly does raise concerns about BP's HR policies and corporate culture.'
Richard Hunter, head of markets at Interactive Investor, said: 'Unfortunately, this is not the first time BP has been involved in board disputes, which may be one of the reasons for the unusually large drop in share price.'
Hunter added: 'On an operational level, the CEO and the board remain in place, so the company's strategy should continue to be pushed forward. Ironically, Manifold was seen as an important driver of the group's recent recovery... Until the details leading to his departure are made public, there may still be some uncertainty in the market, but the board's swift and decisive action may have dispelled concerns about whether the problem is more widespread within the group.'
FAQ
How did the market react to BP's chairman ousting?
BP shares plunged nearly 6% on the London Stock Exchange.