economy
Oil giant BP ousts recently appointed chair over governance concerns and "conduct issues"
Oil giant BP on Tuesday removed Chair Albert Manifold after identifying what it called serious governance and conduct concerns, abruptly ousting the executive less than a year after appointing him to lead the board.
TL;DR
- BP Chair Albert Manifold removed due to serious governance and conduct concerns.
- Manifold's removal was effective immediately, less than a year after his appointment.
- The board unanimously decided on the removal, citing unacceptable issues.
- Ian Tyler appointed as interim chair.
- BP will conduct a search for a permanent chair.
- Manifold previously led CRH and was appointed to redirect BP amidst falling demand.
- BP's 2025 earnings dropped 16% to $7.49 billion.
- Brent crude prices fell by nearly 17% in 2025.
- BP shares slid 5% on the NYSE.