BP's board unanimously removed Albert Manifold as chair and director with immediate effect, citing serious concerns about governance standards, oversight, and conduct. Ian Tyler has been appointed as interim chair. The announcement triggered a sharp selloff, with BP shares falling nearly 10% in London trading. Separately, BP also confirmed a deal to sell its Gelsenkirchen refinery in Germany to the Klesch Group.
An abrupt, conduct-driven removal of a company's chair — with no named successor and no explanation of what actually happened — is a red flag that institutional investors price in fast, hence the near-10% single-day drop. For BP shareholders, this compounds an already difficult period of strategic uncertainty around the company's energy transition pivot. Until the nature of the conduct concerns is disclosed, a governance discount will likely weigh on the stock.
Upcoming: BP's next scheduled earnings update and any regulatory filings disclosing further details on Manifold's removal. Watch for formal announcement of a permanent chair appointment, which will signal how quickly the board can restore stability.
Full analysis · Subscribers
The deep dive (bull case, bear case, and the data point that decides which side wins), the cause-and-effect chain behind the move, plain-English explainers for every block, and the live update timeline (1 update so far).
Aggregated reads dozens of sources in five languages and turns the day into plain-English cards like this one.
Educational analysis of public information, not investment advice. Report an error · Corrections policy
← Today's brief