Overview
- BP, which removed chairman Albert Manifold on Tuesday, said its board acted unanimously over "grave concerns" about his governance and conduct but gave no specifics about the allegations.
- The board installed director Ian Tyler as interim chair and began a search for a permanent successor while Manifold disputes the account of his conduct.
- The announcement triggered a sharp market reaction with BP shares falling roughly 9–10% immediately and trading down about 6% later in the day.
- Manifold had led the board since October 1 after replacing Helge Lund and had faced a protest vote of more than 18% at the company’s recent annual meeting.
- The removal compounds recent leadership churn and comes as CEO Meg O'Neill, appointed in early April, pushes a radical refocus on hydrocarbons and cost cuts amid weak 2025 results and shareholder pressure for transparency.