BP Stock Drops 10% After Chair Fired Over Conduct Concerns

TLDR

• BP ousted Chairman Albert Manifold after eight months, citing governance, oversight, and conduct concerns.
• BP stock dropped nearly 10% following the announcement, briefly halting trading, before paring losses to around 4%.
• Manifold disputes the accusations, saying he was “removed without warning and without explanation.”
• Sources say a whistleblower report triggered the firing, citing a pattern of aggressive behavior toward colleagues.
• Ian Tyler has been named interim chairman; BP says it will maintain its current strategic direction.

BP’s board unanimously removed Chairman Albert Manifold on Tuesday, sending the stock down nearly 10% in early trading. The move triggered a brief halt in BP shares before they recovered some ground, closing down around 4%.

BP p.l.c., BP

The board cited “serious concerns related to governance standards, oversight and conduct.” BP did not go into specifics in its official statement, but four sources familiar with the matter told Reuters that Manifold had behaved aggressively toward colleagues across the company.

One source said a whistleblower report gave the board enough evidence to identify a pattern of unacceptable behavior.

Manifold had only been in the role eight months. He came in with no prior energy industry experience, having previously run building materials firm CRH, where he boosted the share price and moved its primary listing to the US.

Leadership Turmoil Continues

This latest departure adds to a long list of leadership changes at BP. The company has now had five CEOs since 2020. Former CEO Bernard Looney was fired in 2023 for lying to the board about personal relationships with colleagues. His successor, Murray Auchincloss, departed abruptly in December 2025.

Meg O’Neill, former Woodside CEO and Big Oil’s first female CEO, was appointed to replace Auchincloss and is expected to accelerate BP’s shift back to oil and gas.

Ian Tyler, a BP board member since last year and former chief of Balfour Beatty, has been named interim chairman.

Activist investor Elliott Investment Management, which holds around a 5% stake in BP and had supported many of Manifold’s strategic moves, declined to comment on his removal.

Analyst Reaction

Barclays analyst Lydia Rainforth said the wider board’s decision-making process now faces “serious questions.”

TD Cowen analyst Jason Gabelman noted that Manifold had been seen as a potential driver of faster change, including accelerating investment in oil and gas and simplifying the business structure. He warned that continued leadership turnover could slow that pace.

Despite the turbulence at the top, BP has outperformed rival Shell and the broader FTSE 100 since Manifold joined in October 2025. Boosted by higher crude prices and strong trading profits, BP is also the second-best performing oil supermajor since the Iran conflict began in February.

In April, at BP’s annual general meeting, Manifold’s chair appointment received only around 82% shareholder support — well below the near 100% typical for board directors. Proxy adviser Glass Lewis had recommended a vote against him at the time.

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