BP has announced the dismissal of its chairman, Albert Manifold, citing serious concerns about governance standards, oversight, and conduct. This decision comes less than a year after Manifold took on the role, succeeding Helge Lund on October 1. The board’s decision was unanimous, though BP has not disclosed specific details regarding the allegations.

Leadership Changes at BP

BP’s shares experienced a sharp decline following the announcement, dropping as much as 9% before recovering slightly to a 4.4% decrease. Amanda Blanc, BP’s senior independent director, expressed disappointment over the governance issues, despite acknowledging Manifold’s contributions to BP’s transformation efforts.

In the interim, Ian Tyler has been appointed as the chair while BP searches for a permanent replacement. Tyler emphasized the company’s commitment to its strategic direction under the leadership of CEO Meg O’Neill, who took on the role in April as BP’s first female CEO and the first external candidate to lead the company.

BP’s Recent Challenges

BP has faced several challenges in recent years, including strategic shifts and leadership instability. In 2023, the company reversed its plans to significantly reduce oil and gas production, a strategy initially announced under then-CEO Bernard Looney. Looney resigned after admitting to not properly disclosing past relationships with colleagues, leading to further leadership changes.

The ongoing conflict in Iran has resulted in a financial windfall for BP, with profits more than doubling in the first quarter of the year due to volatile oil prices. Despite these financial gains, the company’s leadership continues to navigate complex challenges in the energy sector.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.