BP shares plunge after chairman ousted

Oil giant BP has suffered a sharp fall in its share price following the shock announcement that its chairman had been removed by the company's board.

BP said Albert Manifold had left with "immediate effect" after "serious concerns" were raised.

The board, which oversees the management of the business, had been "surprised and disappointed to learn of governance, oversight and conduct issues", BP added, saying they were deemed unacceptable.

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No more details were given to explain his ousting but Sky's City editor Mark Kleinman later reported claims by company insiders which related to Mr Manifold's style of management.

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

The BP share price fell more than 9% at one stage following the company's announcement - and trading was briefly halted, according to the Reuters news agency. The stocked ended the trading day 4% lower.

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.

Lindsey Stewart, director of institutional investor content at the investment research firm Morningstar, said of the fallout: "With a resurgent share price so far this year, BP should be taking credit for the rewards of its strategic reset.

"Instead, the company is on its third CEO and now it's third chairman in under three years. It's clear that getting a grip on corporate governance and strategy at the company must a priority of the interim chair and his eventual successor."

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