BP shares plunge after chairman ousted

Oil giant BP has removed its chairman after "serious concerns" were raised related to "important governance standards", the company said.

Albert Manifold has been removed with "immediate effect" after the company's board, which oversees the management of the business, said it has been "surprised and disappointed to learn of governance, oversight and conduct issues".

It deemed these issues unacceptable and said it had taken unanimous and "decisive action".

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No more details were given to explain his ousting.

The Irishman had only been appointed in July 2025 and took up the post in October.

The BP share price fell 5.5% following the news.

At BP's annual general meeting (AGM) last month, 18% of shareholders voted against his re-election. A shareholder advisory service, Glass Lewis, recommended investors oppose the re-election over governance concerns.

It is the latest departure of a senior executive at the London Stock Exchange-listed fossil fuel producer.

In September 2023, its chief executive Bernard Looney resigned amid allegations over "personal relationships with colleagues".

An interim replacement, AIan Tyler, was appointed with immediate effect. Mr Tyler has served as an independent non-executive director at BP since April 2025.

Who is Albert Manifold?

In 2024, Mr Manifold retired as chief executive of building materials company CRH, having been with the company since 1998.

CRH had been a constituent of the UK's FTSE 100 index of most valuable companies on the London Stock Exchange.

In 2023, however, it moved its primary listing to the New York Stock Exchange.

(c) Sky News 2026: BP shares plunge after chairman ousted