BP Board Removes Chair Albert Manifold Amidst Oversight Concerns

BP has removed Chair Albert Manifold from his position, citing governance, oversight, and conduct issues. This decision comes less than eight months into his tenure, as the company navigates a strategy revamp.

Manifold’s exit adds to recent leadership turmoil at BP. Previously, former CEO Bernard Looney was dismissed for misleading the board about personal relationships with colleagues. Looney’s successor, Murray Auchincloss, left abruptly in December without explanation. Former Woodside CEO Meg O’Neill was then named BP’s fifth CEO since 2020, aiming to refocus on oil and gas rather than renewables.

In a Tuesday statement, BP confirmed the board’s unanimous decision that Manifold should no longer serve as chair. This decision followed concerns about his adherence to governance standards. Senior independent director Amanda Blanc, responsible for Manifold’s appointment, expressed disappointment at the developments.

“Albert has helped bring a welcome focus and pace to BP’s transformation. However, we were surprised and disappointed by governance oversight and conduct issues deemed unacceptable,” said Blanc.

A BP spokesperson offered no further details, and Elliott, which holds a 5% stake in BP, declined to comment.

The announcement impacted BP’s shares, causing nearly a 10% drop and a temporary trading halt. Some losses were recovered later, with shares down about 5%. Meanwhile, an index of European energy companies witnessed a less than 1% decline.

Manifold, who formerly led building materials firm CRH, was chosen to address BP’s share underperformance. Under his leadership, BP’s board saw a reduction in size, and some members like Simon Henry, Shell’s finance chief, chose to depart.

At BP’s recent annual general meeting, two board resolutions failed to win shareholder approval. Manifold’s appointment as chair receiving less support than usual, with backing from only 82% of voters, lower than the near 100% typical for directors.

Ian Tyler, former chief of Balfour Beatty and a BP board member since last year, will serve as interim chair.