BP Chairman Removed After Secret Meeting with Activist Investor

LONDON, KOMPAS.com – Former BP Chairman Albert Manifold, recently dismissed, reportedly met with activist shareholder Elliott Management without directly informing other board members. The information was disclosed by two sources familiar with the matter to Reuters. The meeting occurred while Manifold was still serving as BP chairman. BP officially removed Manifold this week after less than eight months in the chairman’s role. The decision immediately pressured the shares of the UK-based oil and gas company. In a statement, BP cited governance issues and leadership conduct as reasons for the dismissal. However, the move has been criticised as a unilateral action taken in bad faith towards other board members. Other sources stated that the meeting with Elliott was not concealed from the company. BP’s investor relations team was reportedly aware of the meetings as Manifold had disclosed them multiple times. ‘All shareholder interactions should be reported to the board as part of regular investor relations updates,’ a source said. US-based activist hedge fund Elliott Management disclosed a stake of over 5% in BP last year. Over the past year, Elliott has reportedly pushed BP to cut costs, reduce focus on renewable energy projects, and increase investment in oil and gas. Reuters also reported that complaints about Manifold’s intimidating behaviour towards both executive staff and junior employees contributed to board concerns. Four Reuters sources said that during his tenure at BP, Manifold frequently displayed aggressive behaviour towards colleagues, leading to his position being deemed untenable. In response to his dismissal, Manifold denied several allegations against him, stating the removal was unannounced and vowing to challenge false narratives about his tenure. ‘Is it possible that in my efforts to drive changes regarding costs, performance, financial balance, and shareholder communication, I was too harsh and confrontational? Yes, perhaps,’ Manifold stated. ‘However, I do not accept that falsehoods are being spread about me or that individuals are hiding behind anonymity to comment on my time at BP,’ he added. Manifold’s dismissal occurred less than eight months after he officially took up the BP chairman role in October 2025. Manifold’s departure marks the third sudden leadership change at BP in three years, following former CEO Bernard Looney and Murray Auchincloss.