Oil giant BP has removed its chairman Albert Manifold with immediate effect over concerns including “bullying” and “overbearing” behaviour by him, the BBC understands. This dramatic decision, taken amidst serious governance concerns, has sent shockwaves through the company and the oil industry at large. Just under a year since Manifold joined BP, his abrupt exit raises eyebrows and questions about the internal dynamics at one of the world’s largest oil companies.
In a statement, BP confirmed that Manifold’s dismissal resulted from “serious concerns” related to “important governance standards, oversight and conduct”. Sounds serious, right? A source close to the company remarked, “This is a big lever to pull, you wouldn’t do it unless it was serious.” The board, led by senior independent director Amanda Blanc, expressed its surprise and disappointment at the issues deemed unacceptable, leading them to take decisive action.
Following the announcement, BP shares took a hit, tumbling about 5% as investors reacted to the news. In the wake of Manifold’s removal, senior independent director Ian Tyler has stepped in as interim chair, a position he will hold until a permanent replacement is found. Manifold, who had been steering BP back towards oil and gas after a focus on renewable energy, joined the company in September 2025 and became chairman just a month later.
BP had once hailed Manifold for his “strong track record of strategic leadership and operational delivery.” But it seems things weren’t as rosy as they appeared. Just last month, during the annual general meeting (AGM), nearly a fifth of BP shareholders voted against his election due to governance concerns. The criticism stemmed partly from BP’s refusal to entertain a resolution filed by climate activists, which Manifold claimed was not correctly filed.
And the plot thickens! AJ Bell’s investment director Russ Mould noted that while there was pressure to move on from Manifold’s predecessor, not all investors were thrilled. In fact, 18% of shareholders voted against his appointment, following recommendations from governance experts Glass Lewis. This didn’t sit well with many, especially given attempts to move AGMs to an online-only format and changes in how the company reported on climate issues.
Meanwhile, BP’s recent financial performance paints a different picture. The energy giant reported a staggering profit of $3.2 billion between January and March, a significant increase driven by rising oil prices amid the ongoing Iran war. This exceptional performance in its oil trading business might seem to contrast sharply with the turmoil at the top.
As for the future, BP’s interim chair Tyler expressed “deep conviction” in the strategic direction laid out by the board and praised CEO Meg O’Neill for her bold actions since taking over in December. O’Neill seems to have the board’s support, and there’s no indication her position is in jeopardy.
Yet, Maurizio Carulli, a global energy analyst, points out that Manifold’s impact was “necessarily limited” due to his brief tenure. His departure might pose short-term challenges, but Carulli believes BP has made significant operational improvements over the past year, thanks to the collective efforts of its management.
So, what’s next for BP as they navigate this internal shake-up? Will they find a chair who can restore confidence among shareholders? Or will the shadows of governance issues continue to loom large over the oil giant? Only time will tell…
Kaynak: Orijinal Haber