BP ousts chair citing governance and conduct issues
BP’s sacked chairman Albert Manifold has pushed back against what he described as a “false narrative” surrounding his removal from the British oil major.
BP’s board has ousted chair Albert Manifold and expressed serious concerns about his governance standards, oversight and conduct in the latest leadership turmoil to rock the oil major, driving its share price down as much as 10 per cent.
Four sources with knowledge of the matter said Manifold had acted aggressively with different colleagues across the company, citing that as one reason for his firing on Tuesday.
The board had received enough information following a whistleblower report to ascertain that there was a pattern of unacceptable behaviour, said one of the sources, who is close to BP’s board. The sources declined to be identified because they were not authorised to speak publicly.
A BP spokesperson declined to give further details. In an emailed statement to Bloomberg News, Manifold disputed accusations of wrongdoing.
“I was removed without warning and without explanation,” Manifold said.
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“I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.”
Manifold could not be reached for comment.
Manifold’s surprise removal came just under eight months after he took office to help oversee a strategy revamp, and follows years of management churn at BP.
In 2023, former BP CEO Bernard Looney was fired after lying to the board about his personal relationships with colleagues.
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His successor, Murray Auchincloss, left abruptly in December 2025 with no clear reason, and former Woodside CEO Meg O’Neill was immediately announced as his replacement.
She is BP’s fifth CEO since 2020, and is expected to accelerate the company’s shift away from renewable energy to refocus on oil and gas.
“At this point it’s fair to say BP has the most volatile boardroom of the oil supermajors,” said Lindsey Stewart, director of institutional investor content at Morningstar.
“With a resurgent share price so far this year, BP should be taking credit for the rewards of its strategic reset,” Stewart said.
“Instead, the company is on its third CEO and now its third chairman in under three years. It’s clear that getting a grip on corporate governance and strategy at the company must be a priority of the interim chair and his eventual successor.”
Ian Tyler, a former chief of British construction group Balfour Beatty and a BP board member since last year, will be interim chair, the company said.
In a statement BP said its board had unanimously decided that Manifold – who has had the backing of activist hedge fund Elliott, which has built up a stake of around five per cent in BP – should no longer serve as chair and director with immediate effect.
“This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said.
“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” said senior independent director Amanda Blanc, who oversaw Manifold’s appointment in October.
Elliott declined to comment. BP shares were down almost 10 per cent after the announcement and their trading briefly halted. They later pared some losses to trade down around four per cent. An index of European energy companies was down around 0.1 per cent.
-with Reuters
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