# Almost £4 billion was wiped off BP’s market value after the company ousted its chairman amid allegations over his conduct.

*business · news · 2026-05-26 · The Sunday Times*

## Key points

- BP chairman Albert Manifold was dismissed after only eight months due to governance and conduct concerns.
- BP's market value fell by nearly £4 billion following Manifold's abrupt ousting.
- The exact reasons for Manifold's dismissal remain undisclosed, with BP refusing to comment on bullying allegations.
- Manifold's removal disrupts investor confidence, as he was seen as pivotal to BP's strategic turnaround.
- BP is now on its third chairman and third CEO in under three years, highlighting ongoing leadership instability.

**Companies:** BP, CRH
**Countries:** United Kingdom, Ireland, United States

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/bp-takes-4bn-hit-after-chairman-goes-k2n2bzscf)

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