The British oil giant BP said on Tuesday that it had removed its chair, Albert Manifold, saying that the board had “serious concerns” about his leadership, less than a year after he was appointed.
“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, the senior independent director at BP, said in a statement.
The company did not elaborate on the details of the ouster, but said Ian Tyler, a board member since last April, would serve as interim chair. Mr. Manifold’s tenure at BP was brief: He joined the board in September and was appointed chair a month later.
BP has gone through a series of leadership changes in recent years, amid investor discontent over its strategy and performance. In December, the company replaced its chief executive, Murray Auchincloss, with Meg O’Neill, who had led Woodside Energy, Australia’s largest oil and gas company. Ms. O’Neill is BP’s first female chief executive and the first outside appointment.
Mr. Auchincloss’s predecessor, Bernard Looney, stepped down in 2023 after acknowledging that he had failed to disclose past personal relationships with colleagues.
Under Mr. Looney’s guidance, BP pivoted away from oil and gas production and invested heavily in renewable energy, aiming to become a net-zero company by 2050. That strategy backfired, however, after it alienated some investors and sent the company’s shares spiraling.
Facing growing pressure from shareholders, including the activist investor Elliott Management, BP has renewed its focus on oil and gas production. But the reversal has drawn complaints from environmental groups.
“While the company aims to maximize profitability in the short term, this decision raises concerns about long-term sustainability and climate change mitigation,” researchers at Oxford Executive Institute, wrote in a paper last year.
Last month, BP faced restive investors at its annual shareholder meeting, with some company-backed resolutions, including one related to climate disclosures, failing to gain majority support. The company also excluded a resolution proposed by a climate action group, which set off a backlash among some shareholders and advisory firms. About a fifth of shareholders voted against Mr. Manifold’s reappointment as chairman, a relatively large opposition to a normally routine proposal.
BP’s shares fell more than 5 percent on Tuesday in London. The stock is still up nearly 20 percent this year, propelled by the surge in oil prices since the start of the war in Iran in late February. BP reported a profit of more than $3 billion in the first quarter, noting “exceptional” results for its oil trading business.
