BP removes chair over ‘serious’ conduct, oversight, and governance concerns
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BP has removed Albert Manifold as its chair with immediate effect due to “serious concerns” regarding his conduct, oversight, and governance.
The oil giant’s board “unanimously” decided on his ousting, though specific details of the issues have not been disclosed.
Mr Manifold had only joined BP in October, and his removal follows almost a fifth of shareholder votes being cast against his election a month prior, partly due to governance concerns raised by Glass Lewis.
Following the announcement, BP’s shares dropped by as much as 6 per cent.
Ian Tyler has been appointed as interim chair, and the company has initiated a search for a permanent replacement.
