BP’s share price fell 5%, wiping out roughly £4.3 billion in market value, after chairman Albert Manifold was abruptly removed. The board cited serious conduct concerns, cost clashes with company secretary and an 18% shareholder vote against his reelection.
BP announced the sudden dismissal of chairman Albert Manifold, triggering a 5% decline in its share price equivalent to a £4.3 billion market value loss. The abrupt removal was communicated via a brief statement to the stock exchange, catching markets by surprise.
Manifold defended approximately 13 overnight stays at London’s Haymarket hotel while attending BP meetings, noting his residence in Ireland and the hotel’s five-minute walk to headquarters. He rejected suggestions of hypocrisy following his prior critiques of excessive corporate spending.
The board highlighted ‘serious concerns’ over Manifold’s conduct, pointing to clashes with company secretary Ben Mathews over cost controls and anonymous allegations of bullying. At the latest AGM, 18% of shareholders voted against his election, signaling discontent.
This departure leaves BP with its third chairman in two years and fifth CEO in six years, underscoring persistent leadership turnover. The ongoing governance instability raises questions about the board’s oversight and strategic direction moving forward.
