The chairman of oil giant BP has been given the boot after less than a year in the top job – the sudden departure of Albert Manifold prompted a drop in share price
Oil giant BP has ousted chairman Albert Manifold over “serious concerns” about his conduct.
The board of the multinational announced it had unanimously decided the 63-year-old should go with immediate effect. BP did not into detail, apart from saying it was due to “serious concerns regarding governance standards, oversight, and conduct.”
Mr Manifold survived an investor rebellion at BP annual general meeting last month, with 18% of of shareholders opposed his election to the board. Advisory group Glass Lewis raised concerns about governance and recommended that investors vote against him.
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Amanda Blanc, senior independent director at BP, said: “Albert has helped bring a welcome focus and pace to BP’s transformation.
“However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
The board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.
Mr Manifold, a formed chief executive at building material firm CRH, was only appointed at chairman of BP in July last year.
His sudden departure comes after BP chief executive Bernard Looney resigned in September 2023 after a review of his personal relationships with colleagues.
BP had started an investigation into alleged relationships Mr Looney had with colleagues and that he had admitted he was not “fully transparent” initially.
BP’s share price tumbled more than 5% after the departure of Mr Manifold was confirmed, wiping more than £4billion off its stock market value. Its share price has crashed as much as 9% in the wake of the news.
The oil giant, along with rivals, have faced a backlash after profits surged in the wake of the Iran war.
BP’s profits more than doubled to almost £2.4billion in the first three months of this year. Given the conflict only erupted at the end of February, it suggests much of the surge came in the space of a few weeks.
BP, which launched a plan in February 2025 to shift the focus back to fossil fuel and away from renewable energy, appointed Meg O’Neill as its fifth CEO in six years at the end of last year.
