# Just weeks ago, BP reported first-quarter profits of $3.2bn (£2.4bn) BP’s historically sluggish share price jumped 3pc on the back of the news.

*business · news · 2026-05-26 · The Telegraph*

## Key points

- BP ousted chairman Albert Manifold after only eight months due to allegations of bullying.
- Manifold’s exit wiped over £3bn off BP’s share price and reignited crisis concerns.
- BP is now on its third chairman since 2020 and fifth chief executive, underscoring leadership instability.
- Meg O’Neill, BP’s new external CEO, has reversed the renewables-focused strategy and reinstated upstream/downstream structure.
- Manifold was a major force behind BP's recent retreat from its low-margin renewables business.

**Companies:** BP
**Countries:** United Kingdom, Iran

[Read the full story on The Telegraph](https://www.telegraph.co.uk/business/2026/05/26/bp-is-once-again-gripped-by-embarrassing-boardroom-drama/)

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