BP Chair out: no change of view on what looks like a question of influence: BP is our top idea.

Research evidence excerpt

BP Chair out: no change of view on what looks like a question of influence: BP is our top idea.

Global Majors

FLASH

FLASH: BP (BP) May 26, 2026

BP Chair out: no change of view on what looks like a Rating:

question of influence: BP is our top idea. Outperform

Price:

Chairman out in what looks to be primarily 'conduct' issues: anecdote and $44.36

innuendo are dangerous in these circumstances. But the language in BP's regulatory Price Target:

$62filing of 'serious concerns raised to the Board related to important governance % Upside:

standards, oversight & conduct' perhaps affirms separate discussions we have had 39.8%

with other board members of the direct, and perhaps abrasive nature perceived of

Source: FactSet, Wolfe Research

Albert Manifold by some of his board peers. That this comes just weeks since the Priced as of 05/22/26

appointment of Meg O'Neill as CEO, leads us to question where the boundaries

sit between a theoretically non-Exec Chair that has been a de-facto figurehead for

change at BP and executive leadership inheriting what has been largely put in place

under his tenure as Chairman of the Board. From what we know at this point, 'conduct'

appears to be the bigger issue - more boardroom friction and management style than

operational issues. Doug Leggate dleggate@wolferesearch.com

Manifold was viewed as the architect of BP’s turnaround; an initial -ve reaction (832) 810-9915 View Doug’s Research

makes sense. However since Meg O’Neill became CEO, we see her increasingly View BP Model

positioned to take ownership of strategy and execution; for example, one of her first View Comp Table

changes to move the organizational structure back towards a simplified upstream /

John Abbott

downstream operating model.