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BP ousts chairman over serious governance concerns

May 26, 2026, 2:00 AM40
(Update: May 28, 2026, 11:37 AM)
British multinational oil and gas company
British businesswoman

BP ousts chairman over serious governance concerns

  • Albert Manifold was ousted due to serious governance and conduct concerns.
  • The board's decision was influenced by shareholder pressure and recent performance drops.
  • BP will be searching for a permanent chair while facing challenges in oil market volatility.
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In the United Kingdom, BP has recently removed its chairman, Albert Manifold, due to serious concerns regarding governance, oversight, and conduct. Manifold's tenure was notably brief, lasting less than a year, as he had joined BP as a non-executive director in September 2025 and was appointed chair in October 2025. His removal coincided with a tumultuous period for the company, marked by an 86% drop in net income, which raised further scrutiny over its governance practices. Senior independent director Amanda Blanc expressed the board's surprise and disappointment at the conduct issues that necessitated such decisive action. Following Manifold's ousting, shares in BP dropped by 6%, reflecting investors' concerns about the stability and governance of the company. The criticism leading to his removal was amplified by shareholder opposition during the recent annual general meeting, where significant portions of BP’s shareholders voted against his election due to governance issues. This sentiment was further fueled by the company's refusal to include a climate activist resolution at the meeting, which Manifold argued was improperly filed. The board's response was to appoint Ian Tyler as the interim chair while the search for a permanent replacement commenced. Notably, the backdrop of Manifold's removal included BP's fluctuating fortunes in the oil market, with the company reporting a profit of $3.2 billion due to rising oil prices, even as it struggled with an overall 86% decline in net income from previous earnings. The company had recently abandoned its earlier plans to shift towards renewable energy, leading to criticism from shareholders and environmental advocates who believed this pivot was essential for the company’s long-term survival. With the leadership change, BP's new CEO, Meg O'Neill, who took over in December, is also under scrutiny to ensure that the company's strategic direction aligns with both market expectations and corporate governance standards. O'Neill has already made efforts to simplify the organizational structure, aiming to strengthen the company in an ever-volatile oil market. The situation remains fluid as BP continues to address its internal challenges even while navigating external pressures from fluctuating oil demands and shareholder expectations.

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