BP Appoints New Chairman of the Board of Directors Following a High-Profile Dismissal

Oil giant BP has appointed Ian Tyler as the new chairman of its board of directors; he had been serving in that role on an interim basis following the unexpected resignation of his predecessor, Albert Manifold. At that time—on May 26—the company’s stock plummeted following the resignation announcement, as it exacerbated leadership instability at the company, according to CNBC.

At the opening of trading in London on September 2, BP's stock price rose by about 1.3%, according to MarketWatch.

Manifold, who had served as chairman for only about seven months, was dismissed due to “serious concerns” regarding standards of corporate governance, oversight, and conduct. The company did not provide any details. Manifold himself rejected the allegations, stating that he was removed from his position “without warning and without explanation.”

Manifold’s departure has once again raised questions about BP’s corporate governance following a string of sudden resignations by top executives. In 2023, Bernard Looney stepped down as CEO after the company said he had misled the board of directors about his past relationships with colleagues. His successor, Murray Okincloss, left the position less than two years later. Current CEO Meg O’Neill took the helm at BP in December, becoming the company’s fourth CEO in six years.

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