BP Plc appoints Ian Tyler chairman after unexpected ouster of predecessor

By Mitchell Ferman

 BP Plc named Ian Tyler chairman following an interim stint leading the board this summer, after the unexpected ouster of Albert Manifold in May. 

Tyler, who was previously chair of Cairn Energy Plc, currently holds that position at Grafton Group Plc and is also senior independent director of Anglo American Plc. He joined BP’s board in 2025 and his appointment signals a desire for continuity after a period of boardroom upheaval, according to Lydia Rainforth, an analyst at Barclays Plc.

 

“The appointment of the sitting interim chair signals a deliberate choice for stability after a turbulent 18 months at board level,” Rainforth said in a note.

 

 

The moves also underlines that Chief Executive Officer Meg O’Neill is in control of the London-based oil major after joining the company in April as Big Oil’s first female CEO and BP’s first outsider hired for the top job. O’Neill has moved quickly to reshape the company, selling low-returning assets and streamlining the corporate structure.

 

BP shares rose as much as 1.6% in London trading, before paring those gains.

 

The new CEO has benefited from the tailwind provided by the Iran war, which has driven up prices for oil and gas. That’s been particularly favorable for companies with robust refining and trading operations such as BP.

 

O’Neill has also said that it would be “prudent” for BP to stop thinking about itself as a supermajor. 

 

Investors have been closely watching BP’s balance sheet repair, hoping it will put the company on a path to resuming share repurchases that were suspended earlier this year in favor of paying down debt.

 

The company last year came under pressure from activist shareholder Elliott Investment Management to focus on its legacy oil and gas business and pivot away from low-returning ventures. O’Neill, a fossil-fuel enthusiast, was brought in with a clear mandate to do just that.

 

Less than two months into her job, O’Neill and the board ousted Manifold over serious concerns related to “governance standards, oversight and conduct,” without elaborating.

 

Manifold was fired just eight months into the role after he was brought in to turn around the struggling oil major. Manifold said he was let go from BP without explanation.

 

Senior independent director Amanda Blanc, who led the search for both Tyler and Manifold, will step down from the board, BP said in a statement on Wednesday.

 

Blanc, who turned around Aviva Plc after taking over as CEO in 2020, has informed BP’s board that she won’t stand for re-election at the 2027 AGM. She will step down once a successor has been appointed as senior independent director.