BP board faces shareholder backlash after ousting chairman

Tom SaundersSun, May 31, 2026 at 6:00 AM UTC

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BP is now on its third chairman and fifth chief executive since 2020 - Peter Byrne/PA

BP is facing a shareholder backlash over the board’s “damaging” decision to oust the oil giant’s chairman.

Investors have questioned the board’s judgment and called for a clear-out following the shock sacking of Albert Manifold just eight months into the job.

Dame Amanda Blanc, BP’s senior independent director and the chief executive of Aviva, is under particular pressure after overseeing the recruitment of Mr Manifold.

One shareholder told The Telegraph: “The entire board – including the senior independent director, Amanda Blanc, who led both the hiring and the departure of Albert Manifold – needs to make a collective ‘soul search’ and learn any lessons.

“Over time, there will be the need to inject new blood in the board and progressively replace some members so that serenity can return.”

Another US shareholder said: “It’s obviously damaging because [Mr Manifold is] highly regarded, he’s popular in America and he was doing a good job at CRH. He was instigating change.

“It does look like a sort of board stitch-up, to be honest ... all the potential successors [for chairman] at the board level all look pretty dull.”

Mr Manifold was ousted over what BP said were “serious concerns” about his behaviour, with a source close to the board alleging Mr Manifold bullied and verbally abused colleagues.

Albert Manifold was ousted just eight months into the job - Niall Carson/PA

Dame Amanda said that the board had been “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action”.

However, the move has triggered a damaging briefing war.

Mr Manifold has said lies were being spread about him and suggested he was ousted for being too aggressive in pushing cost-cutting measures at BP. He is understood to be considering legal action.

The debacle has reignited a sense of crisis at BP, which is now on its third chairman and fifth chief executive since 2020. Shares slumped by more than 5pc last week.

The US investor said blame for the crisis lay with Dame Amanda as the senior independent director on the board.

Announcing Mr Manifold’s appointment last year, Dame Amanda praised his “impressive track record” and “relentless focus on performance”.

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Dame Amanda Blanc, BP’s senior independent director, is under particular pressure - Hollie Adams/Bloomberg

Mr Manifold was seen as an unconventional choice for chairman at the time because of his lack of experience in the oil and gas industry. The 63-year-old made his reputation after turning CRH, an Irish building supplies company, into an international behemoth during his more than 10 years in charge.

A senior business figure who worked closely with Mr Manifold in the past said: “My experience over a number of years is that Albert had a very constructive, respectful, transparent relationship with the board [when he was at CRH].”

Executives were “given the opportunity to fully contribute to engagements with the board”, the person said, following claims that the Irishman had attempted to restrict the ability of Meg O’Neill, BP’s chief executive, to meet independently with non-executive directors.

“Albert had a very clear understanding of and respect for the different roles and responsibilities between executives and non-executives,” the source said.

A shareholder in CRH told The Telegraph: “Whilst we are not shareholders of BP and have no insight into the allegations and situation there, we had an excellent experience with Albert Manifold at CRH and only ever observed high quality management execution and professional conduct.”

Mr Manifold replaced Helge Lund at BP. Mr Lund was pushed out after backing a disastrous pivot to green energy in 2020.

Mr Manifold’s arrival came soon after US activist investor Elliott Management disclosed a significant stake in BP and pushed for the company to cut costs and focus on its core oil and gas business.

Before his ousting, Mr Manifold did just that. He hired Ms O’Neill, a former senior executive at ExxonMobil, two months after becoming chairman in a signal of intent.

During his short tenure heading the board, BP’s share price rose by roughly 29pc, though this was partly driven by a rise in oil and gas prices caused by the war in Iran.

While Mr Manifold’s swift action won him fans in some corners, not all investors approved. Around 18pc of investors voted against his appointment at BP’s annual general meeting last month. One shareholder said they had voted against Mr Manifold because of concerns he may reduce the influence of shareholders, particularly through a proposal to permit virtual-only AGMs.

Ashley Kelty, an analyst at Panmure Liberum, said of BP: “It’s a pretty unedifying situation for the company. They’ve obviously gone through a fair number of chief execs and interims and whatnot in recent years.

“It’s a mess. It’s certainly not going to do anything to encourage any industry heavyweights to take on the new role.”

BP declined to comment.

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