BP ousts chairman Albert Manifold over governance issues, shares plunge 10%

By Editorial Team · Published May 27, 2026 · 2 min read · Source: Crypto Briefing

BP ousts chairman Albert Manifold over governance issues, shares plunge 10%

The oil giant's board unanimously removed its chairman less than eight months into the job, deepening a leadership crisis that has now burned through three CEOs in three years.

Add us on Google by Editorial Team May. 27, 2026

BP’s board unanimously dismissed Chairman Albert Manifold on May 26, citing serious governance, oversight, and conduct concerns. He lasted less than eight months in the role.

Shares dropped as much as 10% on the news. Ian Tyler has stepped in as interim chair while the company searches for a permanent replacement.

A tenure measured in months, not milestones

Manifold joined BP’s board as a non-executive director on September 1, 2025, and officially took over as chairman on October 1, 2025. The appointment came during a pivotal moment for BP, as the company was shifting its strategic focus back toward traditional hydrocarbons after years of leaning into renewable energy.

BP’s board expressed “surprise and disappointment” over the circumstances that led to Manifold’s removal. Reports of misconduct, including bullying, surfaced alongside the broader governance concerns.

A pattern that should worry investors

BP has now cycled through three CEOs in the past three years. Adding a chairman dismissal to that timeline creates a picture of institutional instability that goes beyond any single personality clash or strategic disagreement.

The strategic backdrop makes this worse

Manifold’s appointment last October was directly tied to BP’s decision to recommit to fossil fuels after a period of ambitious renewable energy targets. The company had been under pressure from activist investors, most notably Elliott Management, which holds roughly a 5% stake in BP, to focus on shareholder returns rather than long-term energy transition bets.

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