BP shares hit a low of Rs 500 apiece at the London Stock Exchange, marking a decline of 10% as against the previous day's close, after the company ousted Chairman Albert Manifold citing "serious conduct issues", according reports on Tuesday.
“Albert has helped bring a welcome focus and pace to bp's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.” Amanda Blanc, Senior Independent Director at BP stated, on the company's website.
ALSO READ: BP Sacks Chairman Albert Manifold For 'Unacceptable' Governance Oversight, Conduct Issue
The firm has appointed Ian Tyler as the interim Chairman, while it mulls over the selection of permanent replacement to Manifold.
"The board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. bp is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns," Tyler said.
Albert Manifold occupied the position of Chairman from Oct. 1 2025 onwards, and was known for pushing for a return to investments in oil and gas. His departure is the latest addition to the company's leadership crisis saga. The firm is also grappling with unsatisfactory performance and is attempting to reverse it.
Manifold was instrumental in the departure of ex-CEO (Chief Executive Officer) Murray Auchincloss and appointing his replacement Meg O'Neill.
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O'Neill was the company's first external hire for the role of CEO, and one of the first women to occupy a senioral executive position in the upper echelons of the oil corporation industry.
Manifold was also known for reviewing the firm's underperforming assets and making cuts wherever he deemed it necessary in order to boost the company's margins.
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