BP ousts chairman over governance
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 26 May 2026
⏱️ 4 minutes
🧾️ Download transcript
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The markets are doing the Fed’s job for it
Episode transcripts seekingalpha.com/wsb.
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. |
| 0:09.7 | Good afternoon today is Tuesday, May 26th, then I'm your host, Kim Khan. |
| 0:14.1 | Our top story so far, BP is ousted Chairman Albert Manafold with immediate effect over what the company called serious concerns related to governance standards, oversight, and conduct. Manifold, with immediate effect over what the company called serious concerns |
| 0:21.1 | related to governance standards, oversight, and conduct. Manifold was appointed less than a year ago |
| 0:26.2 | to lead a turnaround effort at the oil and gas giant. The board has been surprised and disappointed |
| 0:30.4 | to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action, |
| 0:35.6 | the company said. Shares are down following the announcement. |
| 0:38.6 | BP appointed Ian Tyler's interim chair while it begins a search for a permanent replacement. |
| 0:43.3 | Manifold had been appointed for the role in October. BP's leadership still has deep conviction |
| 0:47.7 | in the strategic direction we've laid out, and the company is moving at pace to deliver it, Tyler |
| 0:52.2 | said. Among active stocks, B of A raises |
| 0:55.1 | price target on Apple to 380 from 330 and reiterated their buy rating, citing a potential boost |
| 1:00.3 | from agentic artificial intelligence. Analyst Wamsie Mohan said, if AI assistants become the new |
| 1:05.7 | front door to search, apps, commerce, scheduling payments, and workflow completion, we think |
| 1:10.7 | Apple should have meaningful leverage over model providers, app developers, commerce, scheduling payments and workflow completion, we think Apple should have meaningful |
| 1:11.7 | leverage over model providers, app developers, merchants, advertisers, and payment networks. |
| 1:17.5 | AutoZone reported an 8.4% increase in Q3 sales on strong demand from both do-it-yourself |
| 1:22.8 | customers and professional mechanics, but shares are trading defensively on concerns about |
| 1:27.4 | the impact of inflation on inventory costs and margin compression. But shares are trading defensively on concerns about the impact of inflation on inventory costs |
| 1:29.6 | and margin compression. |
| 1:31.4 | And Micron is surging after UBS raised its price target to $1,625 from $535, and reiterated |
| 1:38.6 | its buy rating. |
... |
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