Albert Manifold ousted as BP chair over governance and conduct concerns
Summary
Albert Manifold was removed as chairman of British Petroleum (BP) after eight months due to serious concerns about governance and conduct, though BP did not give details. Ian Tyler will serve as interim chair during the company’s ongoing leadership changes and strategic shift back to oil and gas.Key Facts
- Albert Manifold was BP chairman for only eight months before his immediate removal.
- BP cited serious concerns about governance standards, oversight, and conduct but did not provide specifics.
- Ian Tyler, a former construction group chief and BP board member, is the interim chair.
- BP has faced several leadership changes recently, including the firing of former CEO Bernard Looney and the departure of CEO Murray Auchincloss.
- Meg O’Neill was appointed BP’s fifth CEO since 2020 to focus more on oil and gas instead of renewable energy.
- Manifold was supported by activist investor Elliott, which owns about 5% of BP.
- Under Manifold, BP’s board size decreased, and some key members left.
- The company’s shares fell sharply after the announcement on both US and London stock markets.
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