BP names new chair after boardroom bust-up
Oil giant BP has named its new chair after a boardroom bust-up earlier this year sent its leadership into chaos. The FTSE 100 giant has tapped Ian Tyler, who has served as interim chair since 26 May. Tyler joined BP as a non-executive director in April 2025. He replaces Albert Manifold, who was stripped of [...]
Oil major BP has appointed a new chair following a boardroom upheaval earlier in the year, which left leadership in disarray. The company has selected Ian Tyler to assume the role, who has been serving as interim chair since May 26th. Tyler was brought in as a non-executive director in April 2025 and replaces Albert Manifold, who was stripped of his chairmanship and directorship in May.
Manifold's dismissal was attributed to his " volcanic" temper, which included verbal abuse and bullying of colleagues. However, Manifold has contested this characterization of his behavior. BP director Amanda Blanc, who also leads insurer Aviva, disclosed the board's shock and disappointment upon learning of the governance and conduct issues that prompted the decision to remove Manifold.
She emphasized that decisive action was taken in response to these concerns. Blanc spearheaded the search for Manifold's successor and described Tyler as possessing "significant experience providing challenge and support to executive teams, while maintaining strong governance and oversight on behalf of shareholders." Blanc is also anticipated to resign once an independent successor is identified.
The leadership change at BP occurred amid a tumultuous year for the company, following the departure of former CEO Murray Auchincloss after nearly two years. Auchincloss was succeeded by former Woodside CEO Meg O'Neill in April. BP's shares have had a turbulent year, underperforming many of its peers in the supermajor segment. Shares plummeted following the public dispute over Manifold's removal, but the stock has since rebounded, benefiting from the rise in energy prices.
The firm reported its highest quarterly profit since 2023 in its first results since the Middle East conflict erupted in February, with profits surging to $3.2bn (£2.3bn) in the first quarter, up from $1.3bn the previous year. BP credited the surge to skyrocketing oil prices, attributing it to "exceptional oil trading" and "seasonal inventory builds."
The board announced an 8.3-cent dividend per ordinary share and plans to reduce hybrid bond financing by approximately $4.3bn.
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