Scandal Rocks Energy Giant as Top Leader Ousted Amid Mounting Accusations, Sending Stock into Freefall

Table of Contents BP’s board made the unanimous decision to terminate Chairman Albert Manifold’s position on Tuesday, triggering a sharp decline of nearly 10% in the company’s share price during morning trading. The dramatic sell-off led to a temporary trading suspension for BP shares, though the stock later rebounded partially to finish the session down approximately 4%. BP p.l.c., BP In its public announcement, the board referenced “serious concerns related to governance standards, oversight and conduct” as the basis for Manifold’s termination. While BP refrained from providing detailed explanations in its official communication, four individuals with direct knowledge of the situation informed Reuters that Manifold had exhibited aggressive conduct toward employees throughout the organization. According to one insider, a formal whistleblower complaint provided the board with sufficient documentation to establish a consistent pattern of inappropriate workplace behavior. Manifold, who assumed the chairman position in October 2025, strongly contested the board’s decision. In a statement sent to Bloomberg via email, he declared he was “removed without warning and without explanation” and pledged to fight what he characterized as a “false narrative.” Manifold’s tenure lasted a mere eight months. He arrived at BP without any background in the energy sector, having previously served as CEO of construction materials company CRH, where he successfully elevated the stock price and relocated the firm’s primary stock listing to the United States. This most recent executive departure compounds BP’s extensive history of leadership upheaval. The petroleum giant has cycled through five chief executives since 2020. Previous CEO Bernard Looney was terminated in 2023 after misleading the board regarding personal relationships with staff members. His replacement, Murray Auchincloss, unexpectedly resigned in December 2025. Meg O’Neill, previously CEO of Woodside and representing Big Oil’s first woman chief executive, was brought in to succeed Auchincloss and is anticipated to fast-track BP’s pivot back toward traditional petroleum and natural gas operations. Ian Tyler, who joined BP’s board last year after serving as chief executive of Balfour Beatty, has assumed the role of interim chairman. Amid the organizational upheaval, BP’s board expressed “deep conviction” in its present strategic course and stated the company is “moving at pace.” Activist shareholder Elliott Investment Management, which controls roughly a 5% ownership stake in BP and had backed numerous strategic initiatives championed by Manifold, chose not to provide commentary on his dismissal. Barclays analyst Lydia Rainforth stated that the broader board’s decision-making capabilities are now subject to “serious questions.” TD Cowen analyst Jason Gabelman observed that Manifold had been viewed as a catalyst for expedited transformation, including ramping up capital allocation to oil and gas projects and streamlining corporate organization. He cautioned that persistent leadership volatility could decelerate these initiatives. Morningstar’s Lindsey Stewart characterized BP’s executive suite as “the most volatile of the oil supermajors,” emphasizing that the corporation is now operating with its third CEO and third chairman in fewer than three years. Notwithstanding the executive-level instability, BP has delivered superior returns compared to competitor Shell and the overall FTSE 100 index since Manifold’s arrival in October 2025. Supported by elevated crude oil valuations and robust trading division earnings, BP ranks as the second-strongest performing oil supermajor since the Iran conflict erupted in February. During BP’s annual general meeting in April, Manifold’s chairman appointment garnered only approximately 82% shareholder approval — substantially below the near-unanimous support typically accorded to board directors. Proxy advisory firm Glass Lewis had previously recommended shareholders vote against his appointment.