BP Ousts Chairman

BP has ousted its chairman, Albert Manifold, over serious concerns related to "important governance standards, oversight and conduct" [1]. The departure was abrupt and unexpected, with Manifold having been appointed to the position late last year. Amanda Blanc, senior independent director, said in a statement that the board was "surprised and disappointed" to learn of the issues and had taken "decisive action" [1].

Manifold, who had been the top executive at Dublin-based global building materials company CRH for 10 years, became the chair at BP in October [1]. BP was looking for someone to redirect the oil giant and went with an industry outsider in Manifold, who had made major strategic changes at CRH. However, Manifold was challenged almost immediately when shareholders defeated company resolutions this spring that would have allowed BP to reduce climate reporting requirements and move its annual meetings fully online [1]. Some 18% of shareholders voted against Manifold’s election as chairman, a high level of opposition for an appointment that is generally rubber-stamped by investors [1].

BP's hard reset last year was criticized by environmentalists, as well as some shareholders [1]. The company has struggled with falling demand in recent years, with its 2025 earnings falling 16% from a year earlier to $7.49 billion [1]. The price of Brent crude, a benchmark for international oil prices, dropped 16.9% [1]. The search for a new chair is underway, and shares of BP Plc slid 5% on the NYSE [1]. This development comes as US consumer confidence declined slightly this month, with gas prices staying high and inflation remaining elevated [2].

The ousting of Manifold raises questions about the company's governance and leadership, particularly in light of its struggles with falling demand and climate reporting [1]. As the company searches for a new chair, it will be important to watch how it addresses these issues and navigates the challenges facing the oil industry. With BP's shares sliding 5% on the NYSE, the company's future direction and leadership will be closely watched by investors and analysts [1]. The real stake for BP is whether it can restore investor confidence and find a new leader who can effectively navigate the company's transition and address its governance concerns.