BP Removes Chairman Manifold Over Governance Concerns
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- BP removed its chairman Albert Manifold with immediate effect, citing "bullying" and "overbearing" conduct that breached governance standards.
- BP shares fell roughly 5% after the announcement of Manifold's removal.
- Ian Tyler was appointed interim chair of BP effective immediately.
- Albert Manifold had joined BP as a non‑executive director in September 2025 and became chair a month later, less than a year before his ouster.
- BP reported Q1 profit of $3.2 bn (≈£2.4 bn) after oil price surges tied to the Iran war, and nearly 20% of shareholders voted against Manifold at the AGM over governance concerns.
Why it matters: BP shareholders see a 5% share dip, while investors gain clarity on governance risk; the board's decisive action underscores heightened scrutiny of leadership amid volatile oil profits.
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