BP Removes Chair Albert Manifold Over Governance Concerns
BP said it removed Chair Albert Manifold after identifying governance and conduct issues. The board acted less than a year after appointing him and named an interim replacement while it searches for a permanent chair.
offshore-technology.comOil company BP on Tuesday removed Chair Albert Manifold after identifying what it called serious governance and conduct concerns. The board unanimously decided that Manifold should no longer serve as chair and a director, with his removal effective immediately, the company said in a statement.
The company said it will begin a search for a permanent chair. Manifold, who was appointed to his position last year, had previously led Dublin-based global building materials company CRH. BP had sought a new chair who could redirect the company as BP struggled with falling demand in recent years.
BP's 2025 earnings dropped 16% from a year earlier to $7.49 billion, as the price of Brent crude, the international benchmark, dropped by nearly 17%. Shares of BP slid 5% on the NYSE on Tuesday.
Key Facts
Story Timeline
3 events- Tuesday
BP removed Chair Albert Manifold after identifying governance and conduct issues.
1 sourceCBS News - Last year
BP appointed Albert Manifold as chair.
1 sourceCBS News - Tuesday
BP named Ian Tyler as interim chair and began search for permanent replacement.
1 sourceCBS News
Potential Impact
- 01
BP will conduct a search for a new permanent chair.
- 02
BP shares fell 5% on the day of the announcement.
- 03
The company faces a leadership transition during a period of declining earnings.
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