BP Shares Plunge After Chairman Abruptly Removed Over Serious Governance Concerns

Shares of BP PLC, formerly British Petroleum, dropped in London trading after the oil and gas major said its board had removed Chairman Albert Manifold with immediate effect over "serious concerns" tied to "important governance standards, oversight, and conduct."

The abrupt ouster adds yet another layer of instability to BP's turnaround effort; more importantly, it raises serious questions about exactly what prompted the board to give Manifold the boot.

"The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, senior independent director at BP, wrote in a statement. 

Manifold took over as BP's chairman on September 1, 2025, and was a central figure in BP's reset, helping accelerate the company's pivot away from underperforming green-energy bets and its return to its core oil and gas business.

London-listed shares of the oil company tumbled more than 5%.

The board has appointed Ian Tyler as interim chair.

He stated that BP's leadership still has "deep conviction in the strategic direction we have laid out" and has been "very impressed with Meg O'Neill since she joined as CEO."