BP names new chairman after removing Albert Manifold over conduct

Dan Coatsworth, head of markets at AJ Bell, believes BP appointing Ian Tyler as its new chairman is a sensible choice.

He said: “Given how the appointment of a complete outsider panned out at BP, it’s not a surprise that interim chair Ian Tyler has been handed the job on a permanent basis.

“Tyler is more of a known quantity than his predecessor Albert Manifold, having joined BP’s board nearly 18 months ago and sat in the chair’s seat since Manifold’s acrimonious departure in May.

“Tyler is also an experienced corporate hand, having served as the boss of Balfour Beatty in the noughties and 2010s and with current roles as chair of Grafton and on the board of Anglo American.

“To address fears he is wearing too many hats, BP has suggested he will review these external commitments.

“There is some risk that Tyler is seen as too conservative a pick in some quarters. A big motivating factor in hiring Manifold was to shake up a business which had lost its way. BP’s green-focused strategy had about as much credibility with investors as the Loch Ness monster.

“The initial market reaction suggests Tyler’s appointment hasn’t sparked much in the way of excitement or disquiet, and CEO Meg O’Neill will hope it gives her the space and time to make the changes she wants at the business.

“Senior independent director at BP and current Aviva CEO Amanda Blanc is set to depart in the wake of the Manifold debacle, having notably pushed for his appointment last year.”