BP "BP announces departure of its Chair with immediate effect" (Buy) Stone

Research evidence excerpt

BP "BP announces departure of its Chair with immediate effect" (Buy) Stone

Global Research

26 May 2026ab

BP Equities

United KingdomBP announces departure of its Chair with

immediate effect Oil Companies, Major

12-month rating Buy

12m price target 700pWhat happened?

BP has announced that the Board of BP has unanimously decided to remove Albert

Manifold as its Chair with immediate effect (link). BP's statement said: "This follows Price (26 May 2026) 520p

serious concerns raised to the Board related to important governance standards, RIC: BP.L BBG: BP/ LN

oversight and conduct." Ian Tyler has been appointed as Interim Chair and a succession

process for a permanent Chair will be initiated. The shares are down 6% on the day at Trading data and key metrics

the time of writing. 52-wk range 606p-358

Market cap. £81.4b/US$110b

How is the market likely to react to the news? Shares o/s 15,662m (ORD)

We see negative implications with the absence of a permanent Chair and the manner of Free float 100%

Manifold's departure likely to act as an overhang for the stock. We think the overall Avg. daily volume ('000) 55,583

market perception of Manifold had been positive given his strong track record of Avg. daily value (m) £305.1

creating shareholder value when CEO at CRH, whilst his external perspective was seen Common s/h equity (12/26E) US$62.4b

as facilitating faster changes at BP, especially as it relates to culture. A succession process P/BV (12/26E) 1.9x

has been initiated with the selection of the new candidate likely important to help shore

EPS (UBS, diluted) (USD)

up confidence that changes will be continuing at pace, especially as it relates to the cost

UBS Cons.

base. In this regard, we take comfort that a new CEO was already appointed in April, the

12/26E 0.88 0.89