BP has dismissed chairman Albert Manifold less than a year after his appointment, citing serious concerns over governance standards, oversight and conduct.
The company said its board reached the decision unanimously. It did not provide further details on the alleged governance and conduct issues.
Following the announcement, BP shares in London fell by as much as 9% before narrowing losses to trade 4.4% lower at £5.27, or $7.09 per share.
Amanda Blanc, senior independent director at BP, said Manifold had supported greater focus and pace in the company’s transformation. However, she said the board had found governance oversight and conduct issues it regarded as unacceptable.
Manifold, former chief executive of CRH, became BP chair on 1 October, replacing Helge Lund.
BP appointed Ian Tyler as interim chair with immediate effect while it searches for a permanent replacement.
Tyler said the company was moving quickly to deliver its stated strategy. He also noted the leadership of Meg O’Neill, who became BP’s first female chief executive in April.
O’Neill, previously chief executive of Woodside Energy, is BP’s third chief executive since 2020 and the first external candidate to lead the company.
The latest change follows several years of leadership and strategy pressure at BP. In 2023, the company stepped back from earlier plans to cut oil and gas production and shift more strongly toward green energy.
Former chief executive Bernard Looney resigned later in 2023 after acknowledging that he had not properly disclosed past relationships with colleagues. He was succeeded by chief financial officer Murray Auchinloss, who served for less than two years before O’Neill was named as his successor.
