BP removed board chair Albert Manifold on Tuesday, citing “serious concerns” about “governance standards, oversight and conduct.” The move comes as the company faces its second major leadership shakeup in six months, following the surprise resignation of CEO Murray Auchincloss in December.
Manifold, who had held the chair role since October, was dismissed amid an ongoing strategic pivot. New CEO Meg O'Neill took over in April after Auchincloss stepped down following roughly two years in the role. His departure came after former CEO Bernard Looney left abruptly in September 2023 amid a probe into personal relationships within the company.
Despite the turmoil, BP’s stock has outperformed some peers this year and first quarter earnings beat expectations, according to Bloomberg. The company has recently pulled back from the aggressive climate plan launched under Looney in 2020, refocusing on oil and gas to improve performance that lagged rivals.
Amanda Blanc, BP’s senior independent director, said Manifold “helped bring a welcome focus and pace to BP’s transformation.” But she added that the board concluded his conduct required removal, underscoring persistent governance challenges at the oil giant.
The leadership churn raises questions about BP’s strategic direction and ability to execute its pivot. With a new CEO and an open chair role, investors will watch for stability and clarity in the coming quarters.