BP Ousts Chairman Over Conduct Issues, Sending Shares Tumbling 9 Percent
London, Tuesday, 26 May 2026.
On May 26, 2026, BP shares plunged 9 percent after the board abruptly ousted Chairman Albert Manifold over unacceptable conduct, sparking immediate governance concerns among global energy investors.
Decisive Board Action and Market Reaction
On Tuesday, May 26, 2026, the board of directors at British energy major BP (NYSE: BP) announced the unanimous decision to remove Chairman Albert Manifold from his position with immediate effect [1][2]. The dismissal stems from what the board described as unacceptable issues regarding governance oversight and personal conduct [1]. Amanda Blanc, BP’s senior independent director, noted in a public statement that while Manifold had contributed to the pace of the company’s transformation, the board was “surprised and disappointed” by the recent discoveries and opted to take decisive action [1].
Swift Interim Appointments and Strategic Continuity
To stabilize the corporate leadership structure, BP immediately appointed Ian Tyler as the interim chairman [1][2]. The company confirmed that a formal succession process to identify a permanent replacement will commence shortly [1]. Tyler stepped into the role emphasizing continuity, stating that the board and leadership team maintain “deep conviction in the strategic direction” previously laid out by the firm, and that the company is moving rapidly to deliver on those goals [1].