Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
Shares of British energy major BP fell sharply on Tuesday after the board announced it had removed Chairman Albert Manifold in a surprise move.
The decision to oust Manifold with immediate effect followed “serious concerns” related to governance standards, oversight and conduct, the company said in a statement, without elaborating.
“Albert has helped bring a welcome focus and pace to bp’s transformation,” said Amanda Blanc, senior independent director at BP. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
London-listed shares of BP fell as much as 9% on the news, before paring losses. The stock was last seen trading off by more than 6%.
Manifold, who had only been in post as chair since October, had received lower-than-typical support at BP’s annual general meeting last month. A majority of 81.8% of shareholders voted in favor of electing the former boss of Irish building materials giant CRH as BP chair.
Board members require 50% of the vote to be elected, and they typically receive close to 100% support.
The dismissal of Manifold comes as the energy major pivots back to its core business of oil and gas and away from renewables.
BP said it has appointed Ian Tyler as interim chair with immediate effect, noting that a succession process for a permanent chair is set to get underway.
“The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it,” Tyler said.
“bp is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns,” he added.