Oil major BP completes search for chair after boardroom upheaval

Britain's BP on Wednesday formally appointed Ian Tyler as chair after the surprise dismissal of his predecessor Albert Manifold contributed to leadership upheaval at the oil major.

Tyler joined the company's Board as a non-executive director in April last year and was appointed interim chair on May 26.

BP said Tyler, who has worked alongside more than 15 CEOs during a non-executive career spanning listed private companies across oil and gas, natural resources and engineering firms, will assume his role immediately.

"Ian brings significant experience providing challenge and support to executive teams, while maintaining strong governance and oversight on behalf of shareholders," Amanda Blanc, BP's senior independent director, said in a statement.

The company also announced that Blanc will not stand for re-election at the 2027 annual general meeting and will step down from the board once a successor has been appointed for her role.

Tyler said he had asked Blanc to stay, but she told him that after four years, now was an appropriate time to plan for her departure from the board.

"I will lead the board's evolution, ensuring we have the depth, experience and capabilities needed to support the company's strategic priorities and long-term value creation," Tyler said.

"I am committed to establishing regular and transparent engagement with our shareholders, while continuing to support the wider leadership team as they deliver the performance and value our shareholders rightfully expect," he added.

Tyler's appointment comes as BP seeks to stabilize the company following years of executive turnover and strategic division. The London-listed major is pivoting back to its core business of oil and gas, while prioritizing financial discipline by simplifying its portfolio.

Shares of BP were up around 0.4% on Wednesday morning. The stock has climbed around 25% so far this year.

In May, BP removed its chairman Manifold with immediate effect. Manifold, who had only been in post for around seven months, had faced accusations of "serious concerns" relating to governance standards, oversight and conduct.

The former chair has pushed back against the accusations, saying he'd been removed from his post "without warning and without explanation" and that he disputes "entirely the characterisation" of his conduct.

His dismissal had raised questions about BP's corporate governance after a succession of abrupt leadership departures.

In 2023, Bernard Looney resigned as CEO after the company said he misled the board about past relationships with colleagues. He was succeeded by Murray Auchincloss, who stepped down after less than two years in the role.

Current CEO Meg O'Neill took the reins in December, becoming the company's fourth CEO in six years.