Oil company BP has removed chairman Albert Manifold from his position due to significant concerns about his behavior. The multinational’s board unanimously decided to terminate the 63-year-old’s role immediately, citing serious issues related to governance standards, oversight, and conduct.
Albert Manifold, an Irishman earning £1 million annually, faced resistance from shareholders during BP’s annual general meeting last month, with 18% opposing his board election. The advisory group Glass Lewis also expressed governance worries and recommended investors vote against him.
Amanda Blanc, BP’s senior independent director, acknowledged Manifold’s positive impact on the company’s transformation but expressed the board’s disappointment over unacceptable governance oversight and conduct issues, leading to his removal.
To fill the void, the board has appointed Ian Tyler as interim chairman and initiated a search for a permanent replacement. Manifold, who served as the chairman of BP since July last year, previously held the position of chief executive at building material firm CRH.
This development follows the resignation of BP’s chief executive, Bernard Looney, in September 2023, after a review of his personal relationships with colleagues. The company’s share price plummeted by more than 5% upon Manifold’s departure confirmation, resulting in a loss of over £4 billion in market value, with shares falling as much as 9% post-announcement.
BP, along with other oil companies, has faced criticism for soaring profits following the Iran war. In the first quarter of this year, BP’s profits nearly doubled to around £2.4 billion, a significant increase attributed to the conflict’s impact in a short period.
In a strategic move, BP shifted its focus back to fossil fuels from renewable energy in 2025 and appointed Meg O’Neill as its fifth CEO in six years at the end of the previous year. Maurizio Carulli, a global energy analyst, noted the surprise of Manifold’s departure, highlighting BP’s history of senior personnel turnover and emphasizing the importance of selecting a new chairman with the right professional skills and personal traits.