BP ousts chairman Albert Manifold over ‘serious governance concerns’

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London: Albert Manifold, the chairman of British oil giant BP, was dismissed with immediate effect after the board expressed ‘serious concerns’ about governance, supervision, and behaviour.

The company said the board made the decision unanimously after conducting an internal examination, however it only mentioned that there were violations of important governance norms without providing details.

Manifold was expected to play a key role in stabilising leadership and guiding long-term direction when he was appointed in 2025 as part of BP's larger strategy reset.

While it starts the process of choosing a permanent replacement, BP appointed senior independent director Ian Tyler as interim chair.

Investors were alarmed by the abrupt change, and BP's stock plummeted in early trading due to concerns about internal governance and leadership instability.

The company stressed that neither its main strategy nor its trust in CEO Meg O'Neill are affected by the leadership shift, but analysts noted that the sudden departure creates further uncertainty at a time when BP is going through significant reorganisation.