Oil giant BP has made headlines by removing its chairman, Albert Manifold, over “serious concerns” regarding governance standards, oversight, and conduct. It’s a swift move that has shocked many, including the board members themselves. Senior independent director Amanda Blanc expressed that the board was “surprised and disappointed” to uncover these unacceptable issues, leading to decisive action against Manifold, who had barely settled into the role, having been in the position for less than a year.
Following the announcement, BP’s shares took a hit, plunging by 6%. Ian Tyler has now stepped in as the interim chair, effective immediately. Manifold’s journey with BP began in September 2025 as a non-executive director, and just a month later, he was elevated to the chair position. At his appointment, the company touted his “strong track record of strategic leadership and operational delivery,” but it seems that reputation has taken a nosedive.
In a twist, this dismissal comes on the heels of BP reporting a massive surge in profits, which doubled thanks to the soaring oil prices stemming from the ongoing Iran war. The numbers are striking—BP reported profits of $3.2 billion (£2.4 billion) for the first quarter, thanks to an “exceptional” performance in oil trading. But, as it turns out, not everything is smooth sailing at BP.
Manifold’s removal also follows a controversial annual general meeting (AGM) where nearly 20% of shareholders voted against his appointment due to governance concerns. The board faced criticism, particularly for rejecting a resolution from climate activists—something that Manifold claimed was not properly filed. AJ Bell’s investment director, Russ Mould, noted that while there was pressure to move on from Manifold’s predecessor, not all investors were on board. The fact that 18% of shareholders voted against his appointment, despite recommendations from governance experts, indicates a brewing discontent among the ranks.
Moreover, recent attempts to transition AGMs to an online-only format and changes in how climate issues were reported didn’t sit well with investors either. As the company now embarks on a search for a permanent chair, interim chair Tyler shared that the board has “deep conviction” in the strategic direction set forth by the company. He also expressed admiration for chief executive Meg O’Neill, who took over last December, stating that she has already made bold moves to streamline and strengthen the organization.
O’Neill, stepping in for Murray Auchincloss, who left after just two years, is seen as a beacon of hope amid the turmoil. The former CEO, Bernard Looney, had departed in 2023 due to “serious misconduct” related to undisclosed relationships with colleagues, raising eyebrows about the leadership at BP. This ongoing shake-up reflects heightened supply concerns over certain fuels, particularly with the effective blockade of the Strait of Hormuz in light of the Iran conflict.
Meanwhile, the motoring group RAC has issued warnings that pump prices could continue to rise if the situation in Iran doesn’t resolve soon. In the background, a tragic incident occurred when Jason Thomas, 50, fell through a misplaced grating on the Valaris 121 in 2023, adding to the list of woes associated with the energy giant. BP’s profits have jumped by nearly a quarter, capitalizing on the recent volatility in oil prices, but the pressure from the government to impose levies on soaring energy company profits, set to last until 2030, looms large.
What’s next for BP? Will this shake-up lead to a better governance structure, or will the issues continue to haunt them? Only time will tell…
Kaynak: Orijinal Haber