BP removes chairman Albert Manifold amid governance failures
Shares fall more than 4 per cent in US and UK markets following unanimous board decision to oust Manifold after just eight months, replacing him with interim chair Ian Tyler.
British Petroleum has removed Albert Manifold as chairman effective immediately, citing serious concerns regarding governance standards, oversight, and conduct. The decision marks the latest in a series of leadership upheavals at the London-based energy giant, with Manifold serving for only eight months before his dismissal. Ian Tyler, a former chief of British construction group Balfour Beatty and current BP board member, has been appointed interim chair.
The board’s unanimous decision to remove Manifold came despite his backing from activist hedge fund Elliott, which holds approximately 5 per cent of BP’s stake. Senior independent director Amanda Blanc, who oversaw Manifold’s appointment in October, stated the board was "surprised and disappointed" by the governance issues. Blanc noted that while Manifold had brought pace to the company’s transformation, the oversight and conduct problems were deemed unacceptable.
Manifold, who had no prior experience in the energy industry, previously served as chief at building materials producer CRH. During his tenure at CRH, he reshaped the portfolio and moved its primary listing from Ireland to the US. His appointment at BP followed years of share underperformance against rivals and persistent speculation regarding takeover or break-up options.
Under Manifold’s short tenure, BP’s board shrank, with Shell finance chief Simon Henry among those who left after joining in September. At the April annual general meeting, Manifold’s appointment received only about 82 per cent support, significantly below the typical near-100 per cent tally. This lower support was partly attributed to proxy adviser Glass Lewis recommending a vote against him over the exclusion of a climate activist resolution.
The announcement follows a period of significant instability, including the abrupt departure of CEO Murray Auchincloss in December and the appointment of Meg O’Neill, former CEO of Woodside, as BP’s fifth chief since 2020. O’Neill was brought in to accelerate a strategic shift back to oil and gas. Following the news, BP shares fell by 4.2 per cent in US markets and 4.4 per cent on the London Stock Exchange.
