By Zoey
Energy giant BP abruptly removed chairman Albert Manifold on Tuesday after the company disclosed what it described as serious concerns involving governance standards, oversight and conduct.
The announcement stunned investors and industry observers given that Manifold had only assumed the role late last year, making his departure one of the shortest chairmanships in the company’s recent history.
In a statement released by the board, BP said directors had taken immediate action after becoming aware of conduct and governance issues considered unacceptable at the highest level of corporate leadership.
Amanda Blanc said the board had initially welcomed Manifold’s leadership style and strategic focus during a critical transition period for the company.
“Albert has helped bring a welcome focus and pace to BP’s transformation,” Blanc said. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
BP did not provide specific details regarding the nature of the governance concerns or whether the issues involved internal corporate oversight, compliance matters or conduct-related allegations. The lack of detail immediately fueled speculation in financial markets about tensions within the company’s leadership during a turbulent period for the oil major.
The company announced that Ian Tyler would immediately assume the role of interim chairman while the board conducts a formal search for a permanent replacement.
Based in London, BP remains one of the world’s largest energy companies and is considered one of the global oil industry’s “supermajors,” alongside rivals such as Shell, ExxonMobil and Chevron.
The company maintains operations across roughly 60 countries and continues to play a major role in global oil and gas production, refining and energy trading.
Manifold joined BP after a decade leading Irish building materials giant CRH, where he earned a reputation for aggressive restructuring and operational discipline. His appointment in October was widely viewed as part of BP’s broader attempt to stabilize leadership and sharpen strategic execution following years of internal and external pressure.
BP has faced significant strategic uncertainty in recent years as it struggled to balance traditional fossil fuel operations with growing demands from investors, governments and environmental groups to accelerate the transition toward renewable energy.
In 2020, the company announced ambitious plans to reduce oil production and expand investments in cleaner energy technologies. However, that strategy later came under pressure as energy prices surged and investor returns lagged behind some competitors more heavily focused on oil and gas production.
Last year BP effectively reversed parts of its earlier energy transition strategy, pivoting back toward its traditional fossil fuel business after executives concluded that expectations surrounding renewable energy profitability had been overly optimistic.
Former chief executive Murray Auchincloss said at the time that the company had moved “too far and too fast” in shifting away from oil and gas production.
Auchincloss stepped down in December and was succeeded by Meg O’Neill, who inherited a company facing strategic divisions, declining profits and growing investor scrutiny.
The leadership upheaval comes as BP continues dealing with the long-term consequences of the Deepwater Horizon oil spill, one of the worst environmental disasters in modern U.S. history.
The 2010 explosion aboard the Deepwater Horizon drilling rig killed 11 workers and triggered a catastrophic oil spill in the Gulf of Mexico, forcing BP to pay tens of billions of dollars in cleanup costs, legal settlements and environmental penalties over the following years.
Although the company has largely stabilized financially since the disaster, the incident continues to shape public perception of BP and remains a defining chapter in the company’s history.
More recently, BP and other major oil producers have faced additional pressure from weaker global demand, volatile energy prices and uncertainty surrounding the pace of the global energy transition.
The company reported that its 2025 earnings declined 16% compared with the previous year, falling to $7.49 billion as international oil prices weakened significantly. Brent crude prices, a key benchmark for global oil markets, dropped nearly 17% during the same period.
BP’s net income plunged even more sharply, falling 86% to just $55 million.
The company said its preferred earnings metric, underlying replacement cost profit, adjusts for one-time items and changes in the market value of inventories, offering what it views as a clearer picture of operational performance.
Investors reacted negatively to Tuesday’s developments, with shares of BP falling approximately 4% in premarket trading on the New York Stock Exchange as uncertainty surrounding the leadership crisis added to broader concerns about the company’s strategic direction and financial outlook.
Industry analysts have increasingly speculated that BP could become a takeover target because of its weakened market position and strategic instability.
Last year, media reports suggested that Shell had explored a potential acquisition of BP, though Shell publicly denied the claims at the time. Analysts nevertheless continue to view BP as potentially vulnerable to consolidation pressure within the global energy sector, particularly as oil companies seek scale and efficiency amid changing market conditions.
The sudden removal of Manifold now adds another layer of uncertainty for BP as the company attempts to restore investor confidence, stabilize leadership and navigate an increasingly complex global energy landscape shaped by geopolitical tensions, fluctuating oil demand and mounting pressure to adapt to a lower-carbon future.
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