BP’s chair, Albert Manifold, has been dismissed with immediate effect after the board raised “serious concerns” over “governance standards, oversight and conduct” that it deemed unacceptable. The unanimous decision, taken on Tuesday, May 26, 2026, was announced by the company alongside the appointment of Ian Tyler as interim chair. Amanda Blanc, BP’s senior independent director and the chief executive of Aviva, said she and the rest of the board were “surprised and disappointed” to learn of the issues surrounding Manifold.
Manifold had held the position for just eight months. He was appointed in October 2025 to succeed Helge Lund, who had been chairman for nearly seven years. The precise nature of the conduct concerns has not been disclosed, but insiders noted the phrase “conduct issues” carries significant weight. Ian Tyler, a board member and former chief executive of Balfour Beatty who currently chairs Grafton Group, will serve as interim chair while a search for a permanent replacement is launched.
Another chapter in a turbulent history
Manifold’s abrupt exit extends a long pattern of leadership upheaval at the oil and gas giant. Over the past five years BP has had three chief executives and three chairs. The most recent CEO departure was that of Bernard Looney, who was fired in September 2023 for “serious misconduct”. An internal investigation found that Looney had failed to fully disclose past personal relationships with colleagues and had given “inaccurate and incomplete assurances” to the board. He forfeited approximately £32.4 million ($40 million) in pay and shares as a result.
Before Looney came Tony Hayward, who stepped down in 2007 after intense criticism over his handling of the Deepwater Horizon disaster in the Gulf of Mexico. The explosion of the rig, which killed 11 workers, is widely regarded as the worst environmental catastrophe in US history. During the clean‑up Hayward infamously told reporters “I’d like my life back”, a comment that caused outrage among the victims’ families.
Earlier still, John Browne resigned in May 2007 after revelations about his personal life and a court finding that he had lied under oath in a legal battle to prevent details being published. Browne forfeited significant bonus payments and stock benefits.
Lindsey Stewart, director of institutional investor content at Morningstar, summed up the situation bluntly: “At this point it’s fair to say BP has the most volatile boardroom of the oil supermajors.”
Investor dismay and activist pressure
Investors have reacted with a mixture of anger and resignation. BP’s share price slumped by around 5 per cent on Tuesday to £5.21, briefly falling as much as 9 per cent before recovering slightly. The company is still valued at approximately £82 billion, but its shares remain well below the all‑time high reached in 2006 and are essentially no higher than they were in 1999.
Manifold’s removal came just a month after a significant shareholder rebellion at BP’s annual general meeting. Around 18 per cent of votes were cast against his re‑election — a rare rebuke for a board chair. The dissent was partly linked to BP’s decision to exclude a resolution filed by climate activist group Follow This, which had called for the company to disclose how it would create shareholder value under scenarios of declining oil and gas demand. Manifold argued the resolution had not been filed correctly. Proxy advisory firm Glass Lewis had recommended a vote against Manifold precisely because of that exclusion.
At the same AGM, shareholders voted down two management‑backed resolutions: one to scrap legacy climate‑related disclosures and another to permit virtual‑only shareholder meetings. Both failed to reach the required 75 per cent threshold, indicating deepening unease about the board’s governance.
The US activist hedge fund Elliott Investment Management, which has been pushing for a strategic shake‑up at BP, is understood to be watching developments closely. Elliott declined to comment on Tuesday, but Ashley Kelty, oil and gas analyst at City broker Panmure Liberum, said: “This hands Elliott a great stick to beat them with.” Kelty added: “Another one bites the dust.”
Maurizio Carulli, global energy analyst at Quilter Cheviot, struck a more measured tone: “The announcement is certainly a surprise, albeit BP has had more than its fair share of senior personnel leaving the company abruptly over the past 20 years. Whilst the news is obviously a short‑term negative, it is important to remember that BP has made significant operational improvements and strategic refocusing over the past year, and this is the result of the successful efforts of the entire organisation and its management, not just of one person.”
Broader challenges: war in Iran and energy security
The leadership chaos comes at a particularly difficult moment for the energy industry. An ongoing war between Iran and a US‑Israel coalition has led to the closure of the Strait of Hormuz, through which roughly 20 per cent of the world’s oil trade passes. Analysts describe this as the largest supply disruption in the history of the global oil market. Global prices for Brent crude have surged, and the conflict has also disrupted liquefied natural gas supplies after Qatar shut down production following drone attacks, hitting around 20 per cent of global LNG trade.
BP’s chief executive, Meg O’Neill, who became the first woman to lead a “Big Oil” supermajor on April 1 2026, and interim chair Ian Tyler will now have to reassure both shareholders and the wider public that the company can navigate this volatile landscape. O’Neill, an American who previously ran Woodside Energy and spent 23 years at ExxonMobil, was hired by Manifold late last year. She has already taken “bold action to simplify and strengthen the organisation”, moving BP back to a clearly defined upstream/downstream model.
Strategic reversals and the shadow of rebranding
Manifold’s brief tenure was intended to oversee a return to the company’s hydrocarbon roots. Under his chairmanship, BP announced in February 2025 a strategy to increase oil and gas investment and reduce spending on low‑carbon energy. This marked a reversal from the “Beyond Petroleum” rebranding of 2000, when BP adopted a sunburst logo and the slogan “bp: beyond petroleum” in an effort to present itself as environmentally conscious. That makeover was widely dismissed as greenwashing after the Deepwater Horizon disaster and a 2006 Alaska pipeline spill. Former CEO Murray Auchincloss later admitted the company had moved “too far and too fast” with its green agenda.
The company’s history also includes a $300 million (£200 million) fine in 2007 for an attempt by its commodity trading arm to fix the US propane market.
Russ Mould, investment director at AJ Bell, observed: “Albert Manifold was seen as someone who could have helped BP forge fresh momentum of its own and get the oil and gas giant to maximise the value of its hydrocarbon assets. Even though there had been pressure on BP to move on from his predecessor Helge Lund, not all investors were happy with Mr Manifold’s appointment, though, judging by how 18 per cent of shareholders voted against his appointment at April’s AGM. Attempts to move AGMs to an online‑only format and change how the company reported on climate issues and its related obligations did not sit well either.”
One City observer and long‑time oil investor was unsympathetic: “It should just be a solid, quite boring business. Instead, it is total chaos.”
