BP Chairman Albert Manifold Removed Over Governance and Conduct Issues

Key Details BP's board abruptly removed chairman Albert Manifold on May 26 over what the company described as serious governance oversight and conduct violations. Manifold had only held the position since October 2024, making his departure unexpected. The board named Ian Tyler as interim chair while beginning a search for a permanent replacement. Why It Matters The sudden leadership shake-up adds to BP's recent turbulence, which includes a failed pivot away from fossil fuels and the departure of CEO Murray Auchincloss in December. New CEO Meg O'Neill is now navigating the company through this additional executive upheaval. The chairman's swift removal signals the board is taking governance standards seriously. Broader Context BP continues facing challenges as oil prices remain under pressure and earnings fell 16% year-over-year in 2025. The supermajor abandoned its renewable energy strategy earlier this year after executives concluded the company had moved "too far and too fast." Industry analysts continue to view BP as a potential acquisition target, though Shell previously denied takeover talks. Stock prices fell 6% on the news of Manifold's removal.