British equities traded higher on Tuesday, with the FTSE 100 closing 0.24% in the green amid rising UK shop price inflation directly driven by the ongoing conflict in Iran. The blue-chip index’s broader market gains bypassed BP, whose shares tumbled 4.03% following the abrupt termination of chairman Albert Manifold.
The energy giant announced Manifold is stepping down from his role as chair and director with immediate effect. The board cited unanimous concerns over his governance standards, oversight, and conduct. In a formal statement, the board noted it was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable.”
Manifold, the former CEO of Dublin-based CRH, assumed the chairmanship in October 2025 and lasted just eight months. His brief tenure was defined by rapid internal friction. Other directors viewed his behavior as overly aggressive, accusing him of belittling senior colleagues and attempting to exert executive control rather than operating as an independent chair. This operational interference led to direct clashes with BP’s newly installed CEO, Meg O’Neill, according to a detailed report by The Guardian.
The corporate turbulence arrives at a highly sensitive operational window for the company. The Middle East conflict has severely disrupted regional supply chains, pushing BP’s profits higher amid soaring global oil prices while adding intense pressure to its strategic operations. The British Retail Consortium reported that UK retail inflation unexpectedly edged up to 1.2% in May from 1% in April due to these exact geopolitical supply constraints.
Ian Tyler, who joined the board last year as a non-executive director, has been appointed as the interim chair. Senior independent director Amanda Blanc managed the board’s public response to the immediate crisis.
What BP’s Third Leadership Search in Two Years Means for Investors
Manifold is the second senior leader at BP to lose his job for conduct reasons within the last three years, following the high-profile exit of former CEO Bernard Looney. The company is now actively searching for its third board chair in two years. Helge Lund was previously ousted in 2025 following mounting investor pressure.
The swift removal of Manifold signals zero tolerance for executive overreach during a period of intense global energy volatility. The board remains heavily invested in backing O’Neill as she transitions the company to a new upstream and downstream model. Removing a disruptive chairman secures O’Neill’s operational authority, but leaves BP facing renewed questions from institutional investors regarding its internal vetting processes.