BP Shares Drop as Board Ousts Chair Over Governance Concerns

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: May 26, 2026

Key Moments

BP PLC ADR (NYSE:BP) declined 5.2% in premarket trading after the board removed Chair and Director Albert Manifold with immediate effect.
The board unanimously appointed Ian Tyler as Interim Chair while it begins a succession process for a permanent replacement.
BP did not disclose specific details about the governance issues that triggered Manifold’s removal.

Leadership Shake-Up and Market Reaction

BP PLC ADR (NYSE:BP) traded sharply lower in premarket activity on Tuesday, sliding 5.2% after the company announced that its Chair and Director, Albert Manifold, had been removed from his roles with immediate effect due to governance-related concerns.

According to a filing on Tuesday, BP’s board voted unanimously to terminate Manifold’s appointment following what it described as serious issues tied to governance standards, oversight, and conduct. In the same announcement, the board named Ian Tyler as Interim Chair, effective immediately.

Board’s Rationale and Response

Amanda Blanc, Senior Independent Director at BP, said the board had been both surprised and disappointed to discover governance oversight and conduct issues that it judged to be unacceptable, prompting swift action. She also acknowledged Manifold’s role in helping drive focus and momentum in BP’s transformation efforts.

Tyler emphasized that the board and senior leadership continue to fully support the company’s existing strategy and remain committed to executing it rapidly. He highlighted what he described as BP’s growing record of strong underlying operational performance and disciplined financial management.

Support for CEO and Strategic Direction

The Interim Chair noted the board’s positive view of CEO Meg O’Neill’s leadership since she joined the company, pointing to her deep industry and operational background. He referenced her decision to move BP to a clearly defined upstream/downstream structure aimed at simplifying and reinforcing the organization.

Succession Plan and Limited Disclosure

BP said it will begin a formal succession process to identify and appoint a permanent Chair. The company did not release further information about the specific governance matters or conduct issues that led to Manifold’s dismissal.