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BP removes chair Albert Manifold amid leadership churn

BP removes chair Albert Manifold amid leadership churn

Money Moves

Board ousts chair after eight months, citing governance and conduct concerns as strategic reset continues

May 26th, 2026: Board removes Manifold; Tyler named interim chair

Overview

Updated May 26

BP's board removed chair Albert Manifold on Tuesday, eight months after he took the role. London-listed shares fell as much as 9%. Directors cited serious concerns about governance standards, oversight and conduct.

The ouster is BP's third change at the top in seven months. CEO Murray Auchincloss left in December and Meg O'Neill took over in April. BP is mid-pivot back toward oil and gas, and the chair seat now sits vacant while the board hunts for a permanent successor.

Why it matters

Three leadership changes in seven months have left BP without a permanent chair as it executes a major pivot back toward oil and gas.

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Key Indicators

~8 months
Manifold's tenure as chair
Appointed October 2025, removed May 26, 2026.
9%
Share price drop on removal
BP's London-listed shares fell as much as 9% on the news.
82%
AGM support for Manifold
A rare protest vote in April 2026; chairs typically clear 95%.
4
CEOs in six years
Counts Bob Dudley, Bernard Looney, Murray Auchincloss and Meg O'Neill.
3
Top leadership changes in 7 months
CEO Auchincloss out, O'Neill in, and now chair Manifold out.

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People Involved

Organizations Involved

Timeline

February 2025 May 2026

8 events Latest: May 26th, 2026 · 4 months ago
Tap a bar to jump to that date
  1. Board removes Manifold; Tyler named interim chair

    Latest Governance

    Board votes unanimously to remove Manifold over governance and conduct concerns. Shares drop as much as 9%.

  2. Manifold draws weak AGM support

    Shareholder vote

    Manifold re-elected with about 82% of the vote, a soft showing for a sitting chair. Climate proposals also rebuffed.

  3. Meg O'Neill becomes CEO

    Governance

    Former Woodside Energy chief takes over BP. First woman to run one of the global oil majors.

  4. CEO Murray Auchincloss steps down

    Governance

    Auchincloss leaves after less than two years. Carol Howle named interim CEO. Meg O'Neill announced as permanent successor.

  5. Manifold takes the chair seat

    Governance

    Manifold formally succeeds Helge Lund as BP chair.

  6. Albert Manifold named as incoming chair

    Governance

    Former CRH chief executive named to replace Lund. BP cites his record running a large industrial group.

  7. Chair Helge Lund announces departure

    Governance

    BP says Lund, who championed the prior green push, will step down in 2026. A search for a new chair begins.

  8. BP announces strategic reset

    Strategy

    CEO Murray Auchincloss scraps prior green-energy targets and pivots BP back toward oil and gas under pressure from Elliott Management.

Scenarios

1

BP names a permanent chair before year-end

Likely Resolves by End of 2026

Discussed by: Bloomberg, CNBC, Energy Voice

The board moves quickly to end the vacancy and steady the company. Ian Tyler or an external candidate is confirmed within months. A clean handover lets CEO Meg O'Neill push through the strategic reset without distraction.

2

BP becomes a takeover or merger target

Unlikely Resolves by May 26, 2027

Discussed by: Bloomberg, Reuters, Financial Times

Sustained leadership turbulence and a depressed share price draw a bid. Shell, ADNOC and US majors have all been named in past speculation. A formal offer or merger talks emerge as the board struggles to stabilize.

3

Conduct details about Manifold's removal become public

Possible Resolves by Nov 26, 2026

Discussed by: Financial Times, Bloomberg, Irish Times

BP's bare-bones statement leaves room for leaks. Reporters or regulators surface specifics about what Manifold did, whether tied to his hands-on style, treatment of executives, or another matter. A fuller picture lands in print.

4

CEO Meg O'Neill departs within 18 months

Unlikely Resolves by Nov 26, 2027

Discussed by: Reuters, CNBC

Repeated upheaval and a vacant chair seat make BP a hard job to hold. Strategic disagreements with a new chair, missed targets, or activist pressure push O'Neill out before the reset is fully delivered. The CEO churn extends to a fifth in seven years.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

July 2010

Tony Hayward exits BP after Deepwater Horizon (2010)

BP CEO Tony Hayward stepped down three months after the Deepwater Horizon rig explosion killed 11 workers and spilled around 4 million barrels into the Gulf of Mexico. The board pushed him out after a string of public missteps, including his 'I'd like my life back' remark. Bob Dudley, an American, replaced him.

Then

BP took a $32 billion charge against the spill and sold tens of billions in assets to fund cleanup and claims.

Now

The disaster reshaped BP's executive turnover pattern. The company has now changed CEO four times in roughly 15 years.

Why this matters now

BP has a long pattern of crisis-driven leadership turnover. Manifold's removal extends that pattern into the chair seat.

November 2018

Carlos Ghosn ousted as Nissan chair (2018)

Nissan's board removed Carlos Ghosn as chair days after his arrest in Tokyo on charges of underreporting income and misusing company funds. Ghosn had run the Renault-Nissan alliance for nearly two decades and dominated both boards.

Then

Ghosn was held in Tokyo for months. Nissan booked governance failings publicly and overhauled its board structure.

Now

Ghosn eventually fled Japan in a music-equipment case and the Renault-Nissan alliance frayed. The case became a reference point for boards confronting a dominant chair.

Why this matters now

Like Ghosn, Manifold was described by colleagues as exerting executive-level control from the chair seat. Boards now move faster when they conclude a chair has overstepped.

November 2019

Steve Easterbrook fired by McDonald's (2019)

McDonald's fired CEO Steve Easterbrook for a consensual relationship with an employee, calling it a violation of company policy and 'poor judgment.' Later evidence prompted the company to claw back his exit package.

Then

Easterbrook left with a severance package the board later sued to recover.

Now

McDonald's recovered tens of millions in compensation. The case became a template for boards acting fast on conduct issues by top officers.

Why this matters now

Boards have grown quicker to remove senior figures over conduct, even when underlying business performance is intact.

Sources

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