British energy major BP has ended months of leadership uncertainty by confirming Ian Tyler as its permanent chair, effective immediately. The appointment follows a search that weighed both internal and external candidates, the company announced on Wednesday.
Tyler, who had been serving as interim chair since late May, takes the helm of a board that is steering the company through a significant strategic overhaul under chief executive Meg O'Neill. His predecessor, Albert Manifold, was removed abruptly after less than eight months in the role, with BP citing “governance oversight and conduct issues it deems unacceptable.” Manifold has contested that account and sought legal advice.
The boardroom turmoil had rattled investors earlier this year, with BP shares dropping as much as 9% in the immediate aftermath of Manifold's departure before partially recovering. In early London trading on Wednesday, shares were little changed, having gained roughly 25% since January—broadly in line with rival Shell's performance.
A steady hand for a strategic reset
Tyler joined BP's board as a non-executive director in April 2025. His résumé includes a stint as chief executive of construction group Balfour Beatty and a current role chairing building materials firm Grafton Group. BP noted that Tyler has worked alongside more than 15 chief executives during a non-executive career spanning oil and gas, natural resources, and engineering companies, both listed and privately held.
“Ian brings significant experience providing challenge and support to executive teams, while maintaining strong governance and oversight on behalf of shareholders,” said Dame Amanda Blanc, BP's senior independent director.
Tyler's immediate priority will be overseeing O'Neill's restructuring programme, which aims to simplify BP's portfolio, strengthen its balance sheet, and impose tighter investment discipline. The company has set a target to reduce net debt to between $14 billion (€12bn) and $18 billion (€15.4bn) by the end of 2027, down from an estimated $22–23 billion at the end of June.
That debt reduction forms part of a strategic reset unveiled in February 2025, when BP shifted investment back towards oil and gas, scaled back planned spending on low-carbon businesses, and promised stricter capital allocation. The pivot has drawn scrutiny from environmental groups and some investors, but the company argues it is necessary to shore up returns and financial stability.
In a related governance change, BP announced that Blanc, who led the searches that resulted in both Manifold's and Tyler's appointments, will not seek re-election at next year's annual general meeting. She will step down from the board once a successor is found.
The leadership changes come at a time of heightened volatility in global energy markets, with energy costs surging across Europe and geopolitical tensions affecting supply chains. BP's strategic choices will be closely watched as it navigates the transition towards a lower-carbon future while maintaining profitability.
