BP, the oil giant, has removed chairman Albert Manifold due to significant concerns about his behavior. The multinational’s board unanimously decided to dismiss the 63-year-old immediately, citing issues related to governance standards, oversight, and conduct.
Albert Manifold, an Irishman earning £1 million annually, faced opposition from 18% of shareholders at BP’s recent annual general meeting. Despite surviving an investor rebellion, concerns raised by advisory group Glass Lewis prompted his removal. Amanda Blanc, BP’s senior independent director, acknowledged Manifold’s contributions but expressed disappointment over unacceptable governance and conduct issues.
Following the decision, Ian Tyler has been appointed as the interim chairman, and a search is underway for a permanent replacement. Manifold, who took on the role in July last year, previously served as the chief executive of CRH, a building material firm.
The sudden departure of Manifold follows the resignation of BP’s chief executive, Bernard Looney, in September 2023, amid personal relationship reviews with colleagues. BP’s stock price plummeted over 5%, resulting in a £4 billion loss in market value. The company’s share price fell by as much as 9% following the news.
The oil giant, alongside its competitors, faced backlash as profits surged after the Iran conflict. BP’s profits nearly doubled to around £2.4 billion in the first quarter of the year, mainly attributed to the conflict’s impact in a short period.
In February 2025, BP initiated a plan to refocus on fossil fuels, appointing Meg O’Neill as its fifth CEO in six years. Maurizio Carulli, a global energy analyst, noted the surprise of Manifold’s departure but emphasized BP’s ongoing operational enhancements and strategic shifts.
Carulli highlighted the importance of a thorough search for a new chairperson by BP’s board and senior independent director, Amanda Blanc, emphasizing the need for professional expertise and personal attributes in the selection process.