BP trims board as part of chairman Manifold's reset plan

By Stephanie Kelly

LONDON, March 6 (Reuters) - BP BP.L Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil company's reset strategy, with former Shell chief financial officer Simon Henry among those departing.

The leaner board is one of Manifold's changes since arriving as chairman in October and pushing for a faster shift back to oil and gas investments. In December, CEO Murray Auchincloss abruptly left, with Woodside Energy's Meg O'Neill set to take over in April.

Manifold said Melody Meyer and Karen Richardson would also exit as directors. Henry joined the board in September, while Richardson and Meyer were appointed in 2021 and 2017, respectively.

After the departures, the board will have 10 directors, down from 13. Manifold said the majority will have been appointed in the last five years.

"We believe that a leaner board is a more agile board, and that this is essential at this point in the execution of BP’s reset strategy," he said. "It will allow for faster decision-making and sharper oversight, both of which are critical to driving long-term shareholder value."

BP's profits fell 16% in 2025 to $7.5 billion. In February, it suspended share buybacks to prioritise debt reduction.

The company began a major strategy shift last year, cutting billions in planned renewable projects and refocusing on traditional oil and gas after a renewables push under former CEO Bernard Looney.

CEO REMUNERATION

O'Neill is BP's first external CEO appointment in more than a century. She will receive a base salary of 1.6 million pounds ($2.1 million), according to the company's annual report on Friday.

Auchincloss earned 5.3 million pounds last year, down from 5.4 million pounds in 2024, the report showed.

BP shares rose 10% last year, compared with gains of 12% for Exxon Mobil XOM.N and 11% for Shell SHEL.L. BP shares were up 0.5% at 1407 GMT, while the European energy index .SXEP was up around 0.1%.

RESOLUTIONS FOR ANNUAL GENERAL MEETING

BP's board also recommended that shareholders vote against a proposed resolution seeking enhanced disclosure on how the company's investments support disciplined capital allocation.

BP said the proposal - coordinated by the Australasian Centre for Corporate Responsibility - did not reflect its existing focus on capital discipline.

The Annual General Meeting will take place on April 23.

($1 = 0.7499 pounds)