Updated

Updated · Bloomberg · May 30

BP Chairman Albert Manifold Ousts CEO Murray Auchincloss, Winning Backing From Elliott

Updated

Updated · Bloomberg · May 30

BP Chairman Albert Manifold Ousts CEO Murray Auchincloss, Winning Backing From Elliott

Q: A chairman backed by activists is fired by the board. Who is now in control of BP's future?

BP’s future is now controlled by its board, with Ian Tyler as interim chair and CEO Meg O’Neill running the company day to day. The decisive fact is that BP’s directors overruled a chairman who had backing from Elliott Investment Management and removed Albert Manifold over governance, oversight and conduct concerns. That shows ultimate authority sits with the board, not with activist investors or any one chair. Tyler, a non-executive director since 2025, has been installed to stabilize governance while the board searches for a permanent chair. Operationally, O’Neill is now the key executive. Since taking over as CEO in April, she has been consolidating authority and is responsible for executing BP’s strategy. The company has indicated that the broad strategic reset already underway — simplifying the business, cutting debt, and leaning back toward core oil and gas operations — remains in place despite Manifold’s exit. Activist investors still matter, especially Elliott, because they helped shape BP’s recent direction and remain an influential shareholder voice. But Manifold’s firing makes clear they do not control the company. The board does. So in practical terms, BP’s near-term future rests on a three-part power center: the board as final authority, Tyler as temporary steward of governance, and O’Neill as the executive leader expected to deliver the turnaround.

3 articles · Updated · Bloomberg · May 30

Albert Manifold, newly installed as BP chairman, was involved in removing CEO Murray Auchincloss after clashes over the company’s turnaround.
BP staff said Manifold quickly took a hard-charging role inside the company, drilling into operational details and at times confronting employees sharply.
That combative approach also won support from Elliott Investment Management, one of BP’s biggest investors and most influential activist critics.
The episode underscores how BP’s high-stakes reboot has spilled into boardroom conflict as the company tries to revive its fortunes.