Oil giant BP has removed its chairman, Albert Manifold, with immediate effect due to "serious concerns" regarding governance, oversight, and conduct. The abrupt departure comes as UK petrol prices have reached a new high, exacerbated by fears surrounding the Iran conflict. Manifold’s tenure was marked by controversy and a significant shareholder rebellion just last week.
Key Takeaways
- BP chairman Albert Manifold has been removed by the board due to "unacceptable" governance, oversight, and conduct issues.
- UK petrol prices have hit their highest level since December 2022, driven by fears related to the Iran conflict.
- Manifold’s tenure lasted less than a year, and he faced significant shareholder dissent prior to his removal.
- Ian Tyler has been appointed interim chairman while BP searches for a permanent successor.
Governance Concerns Lead to Chairman’s Dismissal
The board of BP announced the shock removal of Albert Manifold, citing "serious concerns" over "important governance standards, oversight and conduct." Amanda Blanc, senior independent director, stated that the board was "surprised and disappointed" by the issues. Manifold, who was appointed chair in July 2025, had previously led building material company CRH. His departure follows a shareholder rebellion where approximately 18% of shareholders voted against his re-election.
Reports suggest Manifold was perceived as overly aggressive and "shouty" by some directors. This is the second major executive departure from BP in three years due to conduct issues, following former CEO Bernard Looney’s exit in 2023.
Petrol Prices Surge Amid Geopolitical Tensions
In parallel with the internal turmoil at BP, the average price of petrol in the UK has climbed to 159.43p per litre, the highest point since December 2022. This surge is attributed to escalating fears surrounding the Iran conflict, which has pushed Brent crude oil prices back towards $100 a barrel. Filling a typical 55-litre petrol tank now costs an average of £87.69, an increase of £14.63 since the conflict began.
Diesel prices, however, have seen a slight decrease, falling below 185p per litre. Despite this, the cost to fill a diesel tank remains significantly higher than before the conflict.
Leadership Instability and Strategic Direction
Manifold’s removal adds to a recent history of leadership changes at BP. His predecessor, Helge Lund, stepped down in April 2025 amid investor pressure to scale back green initiatives. Former CEO Bernard Looney resigned in September 2023, and his successor, Murray Auchincloss, was ousted last December.
Ian Tyler has been appointed interim chairman. BP has stated that a succession process for a permanent chair is underway. The company’s strategic direction, which has seen a renewed focus on oil and gas after a period of investing in renewables, is expected to continue under the leadership of CEO Meg O’Neill, who joined in April and has been praised by the board for her clarity and decisive actions.
Sources
- BP chair removed over ‘unacceptable’ governance oversight and conduct issues; UK petrol prices hit new Iran
war high – as it happened | Business, The Guardian. - ‘Bullying’ and ‘overbearing’ behaviour behind abrupt BP chairman removal, BBC.
- Petrol price reaches Iran war high, diesel falls – RAC, Business Motoring.
