Energy giant BP has announced the immediate removal of its Chairman, Albert Manifold, citing serious concerns regarding governance and conduct. The decision, which was reached unanimously by the board, marks a sudden end to Manifold’s tenure, which began only last October. While the company did not provide specific details regarding the nature of the misconduct, board members described the findings as unacceptable, necessitating swift and decisive action to maintain corporate standards.

Following the announcement, BP’s stock experienced significant volatility, dropping as much as 9% in London trading before stabilizing at a 4% decline. The company has appointed Ian Tyler to serve as interim chair while a formal search for a permanent successor begins. Tyler emphasized that the board remains committed to its current strategic direction, focusing on operational performance and financial discipline to drive shareholder value.

Manifold’s departure follows a period of instability for the energy major, which has seen frequent leadership changes and investor friction. During the company’s recent annual general meeting, Manifold faced a notable level of shareholder dissent, receiving lower support than is typical for board appointments. This latest leadership shakeup occurs as BP navigates a strategic pivot back toward its core oil and gas operations under the guidance of newly appointed CEO Meg O’Neill.

Industry analysts have pointed to the incident as evidence of ongoing governance challenges within the firm. With the company now on its third CEO and third chairman in less than three years, observers are calling for increased transparency regarding the circumstances of Manifold’s exit. As the board looks to stabilize its leadership, the focus remains on whether the company can move past these internal disruptions to deliver on its long-term energy transition and financial goals.