1 week ago
BP has removed its chair, Albert Manifold, pinch nan lipid company’s committee saying it had “serious concerns astir “important governance standards, oversight and conduct”.
The FTSE 100 institution announced Manifold’s departure pinch contiguous effect connected Tuesday, without giving further details. He lasted only 8 months successful nan role.
BP’s stock value slumped by 9% successful nan minutes aft nan announcement conscionable earlier lunchtime successful London earlier recovering somewhat to a6% decline, making it nan FTSE’s apical faller.
Amanda Blanc, nan elder independent head astatine BP and main executive of nan security institution Aviva, said: “Albert has helped bring a invited attraction and gait to BP’s transformation. However, nan committee has been amazed and disappointed to study of governance oversight and behaviour issues it deems unacceptable and has taken decisive action.”
Manifold was appointed to BP’s committee successful October 2025, tasked pinch overseeing a change successful nan lipid company’s strategy, refocusing connected fossil substance extraction, and ditching renewable power investments.
He quickly ousted BP’s main executive, Murray Auchincloss, aft little than 2 years successful nan role, and hired Meg O’Neill to return over successful December.
Manifold is nan 2nd elder leader astatine BP to suffer his occupation for behaviour reasons wrong 3 years. Auchincloss’s predecessor, Bernard Looney, was forced retired successful September 2023 for failing to disclose sexual relationships pinch colleagues erstwhile he was made main executive.
Looney was later denied £32m successful salary and shares aft BP’s committee said it had been misled.
BP has appointed Ian Tyler, a committee member, arsenic interim chair pinch contiguous effect. Tyler is simply a erstwhile main executive of nan FTSE 250 infrastructure group Balfour Beatty. He is besides chair of Grafton Group, a FTSE 250 building supplies company, and a head astatine nan FTSE 100 mining institution Anglo American.
