BP Shares Slump After Its Board Removes Chairman Albert Manifold

Today’s StocksMoneyMarketsBP Shares Slump After Its Board Removes Chairman Albert ManifoldByGaurav Sharma,Senior Contributor.Forbes contributors publish independent expert analyses and insights. Gaurav Sharma is a London-based analyst who covers energy & ESG.Follow AuthorMay 26, 2026, 09:18am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.BP logo at a petrol station in Taunton, Somerset, UK. (Photo: Anna Barclay)Getty ImagesShares in BP (LON: BP) slumped on Tuesday after the energy giant announced its board had removed chairman Albert Manifold in a shock move. Following the announcement, BP shares plummeted by as much as 9% during early trading in London before mounting a partial recovery. At 7:24am EDT, BP’s shares were down 5.65% or 31.13p at 520.07p ($7.15) a share. In a statement, BP said the departure was “effective immediately” over “serious concerns” related to governance standards, oversight and conduct, without elaborating.It marks another leadership upheaval at the energy giant. It is currently on its fourth CEO Megan O’Neill who took office in April. Manifold himself was appointed chairman as recently as September 2025, and took office the following month, after Helge Lund stepped down. Manifold was deemed instrumental in O’Neill’s appointment as BP’s CEO following her widely lauded tenure as the CEO of Woodside Energy. Amanda Blanc, senior independent director at BP, said: “Albert has helped bring a welcome focus and pace to bp’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.” The board also announced the appointment of Ian Tyler as interim chairman with immediate effect.In a statement, Tyler said: “The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. MORE FOR...