Why British oil giant BP has fired its chairman
What's the story
British oil giant BP has sacked its Chairman Albert Manifold with immediate effect. The company's board cited "serious concerns about important governance standards, oversight and conduct" as the reason for this decision. Manifold had been in the position for just eight months. His departure sent BP's share price plummeting by 9% in minutes after the announcement.
Board statement
Board surprised and disappointed over the issue
Amanda Blanc, BP's Senior Independent Director and Aviva CEO, expressed her disappointment over the governance issues. She 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 company did not disclose further details about these concerns.
Leadership changes
Manifold's appointment marked a strategic shift for BP
Manifold joined BP's board in October 2025 to oversee a strategic shift back to fossil fuels and away from renewables. He quickly removed CEO Murray Auchincloss after less than two years, appointing Meg O'Neill in December. This is the second conduct-related exit of a senior BP executive in three years. Auchincloss's predecessor Bernard Looney was ousted in September 2023 for not disclosing sexual relationships with colleagues when he became CEO.
Interim appointment
Ian Tyler appointed as interim chair
Ian Tyler, a board member and former CEO of FTSE 250 infrastructure group Balfour Beatty, has been appointed as interim chair with immediate effect. He is also the Chair of Grafton Group and a Director at Anglo American. Despite the leadership upheaval, Tyler reassured investors and employees that BP's broader strategy remained unchanged. He emphasized on improving operational performance and maintaining strict financial discipline amid global energy market volatility.