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BP’s board fired chairman Albert Manifold on May 26, citing serious concerns over governance standards, oversight, and conduct. He lasted less than eight months in the role, having been appointed in July 2025.
The dismissal triggered an immediate market reaction. BP’s share price dropped as much as 10% following the announcement.
What happened at the top
Multiple sources described Manifold’s behavior as bullying and overbearing. Reports pointed to a volcanic temper and allegations of aggressive conduct toward colleagues, along with claims of mishandling information.
The board said it was surprised and disappointed by the issues that surfaced.
Manifold was originally brought in to lead a strategic repositioning of BP during a period of intense pressure. Activist investor Elliott Management had acquired a significant stake in the company, pushing for changes to how BP operates and allocates capital.
A pattern that’s hard to ignore
Manifold’s removal marks the second major leadership scandal at the company in roughly three years. In 2023, CEO Bernard Looney resigned amid misconduct allegations involving undisclosed relationships with colleagues.
What this means for investors
The 10% share price decline is the most visible consequence. Manifold was brought in specifically to navigate BP through a period of activist pressure and energy transition challenges. With him gone, the timeline for any strategic repositioning gets pushed back. Elliott Management and other shareholders who were expecting decisive action now face uncertainty about who will lead that effort and what form it will take.
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