BP has removed Chair Albert Manifold from his position, citing governance standards, oversight, and conduct issues. This decision comes less than eight months after Manifold assumed the role to help guide a strategy overhaul. His departure is the latest in a series of leadership changes that have rocked BP, including the firing of former CEO Bernard Looney for misleading the board about personal relationships.
Following Manifold’s appointment, the company experienced further upheaval. CEO Murray Auchincloss left abruptly in December without explanation. Meg O’Neill, former CEO of Woodside, was promptly appointed as BP’s fifth CEO since 2020. This change was intended to realign the company’s focus back to oil and gas, moving away from renewable energy, as announced by Auchincloss the previous year.
BP’s board unanimously decided to remove Manifold, who had been supported by activist hedge fund Elliott, which owns about a 5% stake in BP. According to a statement from BP, serious concerns were raised about important governance standards and oversight. Senior independent director Amanda Blanc expressed the board’s surprise and disappointment regarding these issues. Blanc had overseen Manifold’s appointment in October.
A BP spokesperson declined to provide further details, and Elliott also chose not to comment. Following the announcement, BP shares fell by nearly 10%, briefly halting trading. They later recovered slightly, trading down nearly 5%, while an index of European energy companies fell by less than 1%.
Manifold, who had no prior experience in the energy industry, gained a reputation as the chief of building materials producer CRH, where he successfully reshaped the company’s portfolio and moved its primary listing from Ireland to the U.S., boosting the share price. BP announced his appointment to address share underperformance, which had led to takeover and break-up speculation.
During Manifold’s tenure, BP’s board size decreased. Shell finance chief Simon Henry, who joined BP in September, was among those who chose to leave. Concerns about governance were echoed during BP’s annual general meeting in April. The board failed to pass two resolutions, and Manifold’s appointment as chair received less support than usual. Though the board presented a united front, proxy adviser Glass Lewis criticized Manifold for excluding a resolution from climate activist group Follow This, recommending a vote against him. His appointment was confirmed by around 82% of votes, below the typical 100% for directors.
Ian Tyler, a former chief of British construction group Balfour Beatty and a member of BP’s board since last year, will serve as interim chair.