BP Removes Chairman Over 'Serious' Governance Failings as Shares Slide

Overview

• BP removed Albert Manifold with immediate effect on Tuesday, May 26, 2026, after the board reported serious concerns about governance, supervision and conduct.
• The company named Ian Tyler as interim chair and said senior leaders remain committed to the strategic direction under CEO Meg O’Neill.
• BP shares plunged in London after the announcement, with reports of a roughly 6–10% drop and a temporary suspension of trading as investors reacted to the sudden governance shock.
• Manifold had served only months as chair and played a central role in ousting the previous CEO and in shifting BP’s portfolio toward core oil and gas and away from some renewable bets.
• The board has not published details of the findings, which keeps the scope of any internal probe unclear and leaves potential follow-up governance reviews and investor scrutiny likely.