BP's Ousted Chairman Manifold Disputes Governance Breach Allegations

Former BP Plc (BP) Chairman Albert Manifold on May 26 contested the board’s claims of governance violations that led to his abrupt firing, saying he was removed “without warning or explanation.” The London-listed shares dropped 4%. BP dismissed Manifold after just eight months, citing “serious concerns” regarding oversight and conduct. People familiar with the matter described complaints about aggressive employee interactions, mishandling of sensitive information, and attempts to bypass board decisions. Manifold called the characterization a “false narrative” in an emailed statement, vowing to challenge it. The departure deepens leadership instability at BP, which has cycled through three CEOs in as many years. Interim Chairman Ian Tyler said the board has “deep conviction” in Manifold’s strategy of cutting costs, focusing on core oil and gas, and selling assets—moves aligned with activist Elliott Investment Management, which holds a stake. While BP has outperformed peers since hostilities with Iran began in February 2026, analysts at TD Cowen warned that further leadership change “could bring into question pace of change at a minimum.”