BP has promoted interim chair Ian Tyler to permanent position following the turbulent departure of Albert Manifold less than a year into his tenure. The oil major lost two chief executives and two board chairs in rapid succession, prompting the move to Tyler, a former Balfour Beatty CEO with extensive non-executive experience at Vistry, Cairn Energy, Anglo American and BAE. Tyler is seen as a low-risk option with a reputation for being solid and thoughtful, having worked with over 15 CEOs across his directorships.

The company already has Meg O'Neill as new chief executive, a well-regarded oil executive from Exxon and Woodside who has shown willingness to make strategic changes by hiving off BP's UK North Sea exposure. While some investors may have preferred a more feisty change agent, Tyler's appointment brings the prospect of harmony after years of operational and governance disasters. With senior independent director Amanda Blanc set to leave once a successor is appointed, Tyler can now shore up the board by hiring directors with oil and gas and turnaround experience.

BP's shares have risen 25% since the start of the year, and investors welcome the stable governance alongside high oil prices.