BP Ousts Chair Over Governance Failings, Shares Slump Nearly 6%
BP•BP removed its chair Albert Manifold immediately over undisclosed governance and conduct issues, with the board unanimously appointing Ian Tyler as interim chair. Manifold’s exit, under eight months after his July 2025 appointment, sparked a near 6% share slump and underscores leadership instability as BP hunts for a permanent successor.
1. Removal of Albert Manifold
BP’s board voted unanimously to dismiss Albert Manifold as chair and director with immediate effect, citing serious concerns over governance standards, oversight and conduct. The decision comes less than eight months into his July 2025 appointment and reflects heightened scrutiny of board practices.
2. Appointment of Interim Chair Ian Tyler
Senior independent director Ian Tyler, who joined BP’s board in April 2025 and brings prior executive experience in building and utilities, has been named interim chair. BP has launched a formal process to select a permanent successor to guide its strategic transformation.
3. Share Market Reaction
Following the announcement, BP shares plunged as much as 9% before trimming losses to a near 6% decline. The sharp selloff signals investor anxiety about executive turnover and potential disruptions to corporate governance.
4. Context of Leadership Turmoil
Manifold’s removal adds to a recent string of top-level changes at BP, including Meg O’Neill’s December appointment as CEO and earlier departures of Murray Auchincloss and Bernard Looney. The succession upheaval highlights ongoing challenges in stabilising BP’s leadership team.
