BP has removed Albert Manifold from his position as chair less than a year after his appointment due to serious governance and conduct concerns, the company announced on Tuesday.
What happened
The board of BP unanimously decided to remove Manifold as both chair and director, effective immediately. Amanda Blanc, BP’s senior independent director, stated the board was “surprised and disappointed” by what it called unacceptable governance oversight and conduct issues. Ian Tyler, a BP board member since April 2025 and chair of construction materials distributor Grafton Group, has been named interim chair as BP begins its search for a permanent replacement.
Manifold previously led the Dublin-based global building materials company CRH and was appointed BP’s chair last year to guide the company amid falling demand in the oil sector.
BP’s financial performance has faced challenges, with 2025 earnings dropping 16% to $7.49 billion compared to the previous year. This decline coincided with a nearly 17% fall in Brent crude prices, the international benchmark. Following the announcement of Manifold’s removal, BP shares declined 5% on the New York Stock Exchange.
Why it matters
Leadership changes at BP signal potential instability during a critical period of declining earnings and market pressure. The board’s swift action highlights serious concerns about governance and conduct, which could affect investor confidence and company strategy. Securing a permanent chair with strong governance capabilities will be key as BP navigates volatile energy markets and seeks to stabilize performance.
Background
BP appointed Albert Manifold as chair in 2025 to help steer the company amid declining demand for oil and lower benchmark crude prices. The company has been under pressure to adapt to changing market dynamics and environmental concerns while maintaining profitability. Manifold’s sudden removal raises questions about internal oversight and governance standards within the company’s leadership team.
Sources
This article is based on reporting and publicly available information from the following source:
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