BP has recently faced significant leadership changes, with the removal of its chair, Albert Manifold. The British oil giant disclosed these changes due to serious concerns regarding governance standards, oversight, and conduct.

Amanda Blanc, the senior independent director at BP, addressed these issues in a statement. Although the company has not provided specific details about Manifold’s departure, it announced that Ian Tyler, a board member since April, would temporarily take over as chair. Manifold’s leadership at BP was quite short; he became part of the board in September and took the position of chair just a month later.

BP has experienced a notable number of leadership shifts in recent years due to investor dissatisfaction with its strategic direction and financial performance. Following the replacement of Murray Auchincloss with Meg O’Neill as CEO last December, BP marked a milestone by appointing its first female chief executive. O’Neill, formerly of Woodside Energy, Australia’s largest oil and gas company, also represents BP’s first external appointment.

Murray Auchincloss’s predecessor, Bernard Looney, resigned in 2023 after admitting nondisclosure of past relationships with colleagues. Under Looney, BP invested heavily in renewable energy, aiming for net-zero emissions by 2050. This strategic pivot away from oil and gas ultimately disappointed some investors, negatively impacting BP’s share value.

To appease growing investor pressure, especially from Elliott Management, BP has refocused on oil and gas production. Nonetheless, this shift has sparked criticism from environmental organizations concerned about sustainability and climate change mitigation. Last year, researchers from Oxford Executive Institute expressed concerns about BP’s short-term profitability strategy overshadowing long-term environmental goals.

At the annual shareholder meeting last month, BP encountered discontent among its investors, evidenced by the lack of majority support for some company-backed resolutions, including climate disclosures. Further, BP excluded proposals from climate action groups, prompting backlash from shareholders and advisory entities. Notably, around 20% of shareholders opposed Manifold’s reappointment as chair, signifying substantial dissent against routine proceedings.

On Tuesday, BP’s shares dropped over 5% in London, despite the stock’s nearly 20% increase this year—a rise attributed to surging oil prices following the Iran conflict since late February. BP’s oil trading operations showed “exceptional” results, contributing to a $3 billion profit in the first quarter.

Gregory Schmidt, a business editor at The Times, manages European economy coverage and is stationed in London.