Albert Manifold joined BP in September 2025 as a non-executive director and was elevated to the role of chairman just a month later. Initially, BP praised Manifold for his "strong track record of strategic leadership and operational delivery." However, recent events have cast a shadow over this narrative.
The ousting comes on the heels of BP's impressive profit report, which revealed a doubling of profits attributed to surging oil prices influenced by the ongoing conflict in Iran. In its latest financial disclosure, BP reported earnings of $3.2 billion (£2.4 billion) for the first quarter of the year, underscoring the dissonance within the company.
Shareholder Backlash and Governance Concerns
Manifold's removal was particularly highlighted during last month’s annual general meeting, where nearly 20% of shareholders voted against his election. This dissent stemmed from concerns over governance practices, including BP's controversial decision to dismiss a climate resolution proposed by activists. Manifold justified the rejection by stating that the resolution had not been filed correctly.
Investment analysts highlighted that BP had faced mounting pressure to distance itself from Manifold's predecessor, Murray Auchincloss, but the lingering resentment among investors became evident as 18% voted against Manifold's confirmation. Reports indicated that attempts to transition AGMs to an online-only format and modify climate reporting mechanisms had not been well received.
The Road Ahead for BP
BP's board has now initiated the search for a permanent chairman to ensure stability during this transitional phase. Interim chair Ian Tyler expressed confidence in the strategic direction established by BP’s leadership while praising chief executive Meg O'Neill for her bold initiatives since taking the reins last December. O'Neill's efforts to streamline operations include a shift towards a clearly defined upstream/downstream business model.
O'Neill's appointment followed the resignation of previous CEO Murray Auchincloss, who stepped down after less than two years in office due to related governance issues. Her leadership now comes as BP navigates through substantial changes within its executive team and corporate governance standards.
As BP looks to stabilize its leadership and address shareholder concerns, the market will undoubtedly be watching closely how these developments unfold in the coming months.
Source: BBC News
Source: BBC News - Business
