BP abruptly removes chair Manifold due to ‘oversight and conduct issues’ Proactive uses images sourced from Shutterstock
BP PLC (LSE:BP.) shares fell 6.2% to 525.6p after chairman Albert Manifold was abruptly removed after the board said it uncovered “governance oversight and conduct issues”.
The FTSE 100 oil major announced the decision on Tuesday afternoon, saying the board had unanimously agreed that Manifold should no longer serve as chairman or director, with immediate effect.
No further details were provided about the nature of the concerns. Manifold was appointed chair less than a year ago and has only been in the role for eight months.
Amanda Blanc, BP’s senior independent director, said the board had been “surprised and disappointed” by what it had learned, despite Manifold helping bring “focus and pace” to the company’s transformation efforts.
Ian Tyler, the former Balfour Beatty chief executive and current non-executive director, has been appointed interim chairman while BP begins a search for a permanent replacement.
The abrupt departure adds to a period of upheaval at the top of BP, which has had three chief executives in less than three years.
Bernard Looney resigned suddenly in 2023, also over governance issues and handed back his bonus after he was felt to have “knowingly misled the board“, while Murray Auchincloss formally took the role in early 2024 before stepping down last year.
Manifold, , oversaw the appointment of Meg O’Neill, the former Woodside boss, as chief executive at the end of last year to accelerate efforts to simplify the business and improve shareholder returns.
In Tuesday’s statement, Tyler sought to reassure investors that the company’s strategy remained unchanged, praising O’Neill’s leadership and saying the board retained “deep conviction” in BP’s direction.