Why did British oil giant BP suddenly remove chairman Albert Manifold?

British oil giant BP has removed its chairman, Albert Manifold, with immediate effect on Tuesday (May 26, 2026). The move came within less than a year after he took over the role, citing the decision following the company's finding "serious concerns" over governance, oversight and conduct, AFP reported. The company also announced that board member Ian Tyler has been appointed interim chairman with immediate effect.

"The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, BP's senior independent director, stated in a statement.

Why has Albert Manifold been removed?

Manifold's exit comes less than a year after taking over the role, with BP stating that the decision followed concerns regarding governance standards and oversight inside the company. His exit, nearly eight months after serving as chair, adds to a series of scandals and continuous leadership changes at BP. Less than three years earlier, former BP CEO Bernard Looney was ousted for misleading the board about personal relationships with ​colleagues.

Looney’s successor, Murray Auchincloss, also stepped down abruptly in December, though BP neither publicly explained the reason for his exit nor announced a formal search for a replacement.

BP spokesperson declined to provide additional details

During his tenure, Manifold oversaw the appointment of former Woodside CEO Meg O’Neill as BP’s fifth chief executive since 2020, as the company accelerated its renewed focus on fossil fuels while scaling back its renewable energy ambitions — a strategic shift first outlined by Auchincloss earlier last year.

In a statement issued on Tuesday, BP said its board had unanimously decided that Manifold, who reportedly had the support of activist hedge fund Elliott Management, which holds around a 5 per cent stake in the company, would step down immediately as chair and director.

"This follows serious concerns raised to the board related to important governance ​standards, oversight and conduct," BP said. "Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been ​surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," said senior independent director Amanda ‌Blanc. Blanc ⁠oversaw Manifold's appointment in October.

Elliott Management did not immediately comment on the development. Following the announcement, BP shares fell nearly 10 per cent and trading was briefly halted before losses narrowed somewhat. By comparison, the broader European energy index was down by less than 1 per cent.