BP shares fall after board removes chairman Albert Manifold over 'serious’ conduct concerns

Trowbridge in Somerset, England, on March 15, 2025. Anna Barclay | News | Shares of British energy major BP fell sharply on Tuesday after the board announced it had removed Chairman Albert Manifold in a surprise move. The decision to oust Manifold with immediate effect followed "serious concerns" related to governance standards, oversight and conduct, the company said in a statement, without elaborating. "Albert has helped bring a welcome focus and pace to bp's transformation," said Amanda Blanc, senior independent director at BP. "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action." London-listed shares of BP fell as much as 9% on the news, before paring losses. The stock was last seen trading off by more than 6%. Manifold, who had only been in post as chair since October, had received lower-than-typical support at BP's annual general meeting last month. A majority of 81.8% of shareholders voted in favor of electing the former boss of Irish building materials giant CRH as BP chair. Board members require 50% of the vote to be elected, and they typically receive close to 100% support. The dismissal of Manifold comes as the energy major pivots back to its core business of oil and gas and away from renewables. BP said it has appointed Ian Tyler as interim chair with immediate effect, noting that a succession process for a permanent chair is set to get underway. …