BP Ousts Chairman Albert Manifold Over Governance Failures

BP has ousted its chairman, Albert Manifold, citing serious concerns regarding governance standards, oversight, and conduct. The departure was abrupt and unexpected, as Manifold had only been appointed to the position late last year.

Amanda Blanc, senior independent director, stated on Tuesday that while Manifold helped bring focus and pace to BP's transformation, the board was surprised and disappointed to learn of governance issues it deemed unacceptable, prompting decisive action. Ian Tyler has been named interim chair, effective immediately, as the search for a permanent replacement begins.

BP, a London-based supermajor and one of the world's five largest oil companies by revenue and profit, operates in about 60 countries. Manifold, formerly CEO of Dublin-based CRH for a decade, became BP's chair in October.

Last year, media reports suggested Shell was in talks to acquire BP, but Shell denied the claims. Analysts have noted BP's attractiveness as a takeover target following its shift away from renewable energy, a strategy abandoned earlier last year.

The company had pivoted to renewables in 2020 but CEO Murray Auchincloss later admitted the move was too fast and too far. Auchincloss stepped down in December, succeeded by Meg O'Neill.

BP continues to grapple with the aftermath of the 2010 Deepwater Horizon disaster, which killed 11 workers and cost billions in environmental damages. More recently, falling demand has hurt earnings: 2025 profits dropped 16% to $7.49 billion, with net income plunging 86% to $55 million.