Top investors and former BP executives are demanding answers after former chair Albert Manifold was removed last month. Shareholders said they still do not know why the 63‑year‑old Irish manager, who arrived in 2023 to drive a sweeping cost‑cutting and divestiture programme, was dismissed. The board cited “unacceptable conduct,” while Manifold called the allegations “lies.”

Manifold’s agenda included simplifying BP, selling large assets and slashing the board, actions that some investors say unsettled a bureaucracy accustomed to high‑spending perks such as private jets. The oil major has already achieved $2.8bn of cost reductions, short of its original $4‑5bn target through 2027, prompting activist Elliott to push for cuts of up to $7.5bn.

Boardroom turmoil has revived scrutiny of BP’s culture, with investors like GQG Partners arguing that governance concerns matter less than the free‑cash flow generated by oil prices near $100 a barrel. Chief executive Meg O’Neill affirmed that the strategic direction remains unchanged, and the company reiterated its focus on cost discipline to deliver shareholder value despite the leadership shake‑up.

Analysts say the board must translate the announced savings into tangible results, otherwise the credibility of the restructuring could erode. With oil prices steady, any deviation from the aggressive cost targets may trigger further activist pressure and could influence BP’s market valuation.