SouthernWorldwide.com – Oil giant BP has abruptly removed its recently appointed chair, Albert Manifold, citing serious governance and conduct concerns.
The decision was made unanimously by the board, and Manifold’s removal is effective immediately. He will no longer serve as chair or a director of the company.
BP announced the decision in a statement, highlighting that the board was “surprised and disappointed” by the discovered issues. These issues were deemed unacceptable, prompting swift and decisive action.
Amanda Blanc, the senior independent director at BP, commented on the situation. She emphasized the board’s strong reaction to the governance oversight and conduct problems that came to light.
Stepping in as interim chair is Ian Tyler. Tyler is the current chair of Grafton Group, a construction materials distributor, and has been a BP board member since April 2025.
BP has also stated that it will commence a search for a permanent replacement for the chair position.
Albert Manifold had only been in the role of chair for less than a year. Prior to joining BP, he led CRH, a global building materials company based in Dublin.
BP had appointed Manifold with the expectation that he would help steer the company through a period of declining demand. The company has faced challenges in recent years as its industry grappled with shifting market dynamics.
The company’s financial performance has reflected these challenges. In 2025, BP’s earnings saw a significant drop of 16% compared to the previous year, totaling $7.49 billion.
This decrease in earnings coincided with a substantial fall in oil prices. The price of Brent crude, the international benchmark for oil, declined by nearly 17% during the same period.
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The news of the chair’s removal had an immediate impact on BP’s stock. Shares of the oil giant fell by 5% on the NYSE following the announcement on Tuesday.
