BP Chairman Ousted After 8 Months, Disputes Firing Claims

Key Details BP removed Chairman Albert Manifold on May 26 after citing governance and conduct concerns. The company provided no specifics, but sources say complaints involved aggressive employee behavior, information mishandling, and attempts to bypass the board. Manifold disputes the characterization entirely and vows to challenge BP's narrative. Why It Matters This marks another major leadership upheaval at BP, which has cycled through three CEOs in three years. The instability raises questions about internal processes and decision-making at a critical time when the company needs to stabilize after years of underperformance. Manifold's removal strengthens new CEO Meg O'Neill's authority as she reshapes the organization. Market Impact BP shares dropped 4% on the announcement date and were down 1.3% shortly after. Analysts note that while investors initially welcomed Manifold's cost-cutting and strategic focus, serious questions now surround the board's judgment. The turmoil comes as BP attempts a major turnaround from years of underperformance versus competitors like Shell and TotalEnergies.