BP removes chair Albert Manifold over governance concerns

Investing.com -- BP announced on Tuesday that it has removed Albert Manifold from his position as chair and director with immediate effect, following serious concerns raised to the board related to governance standards, oversight and conduct.

The board unanimously decided that Manifold should no longer serve in his role. Ian Tyler has been appointed as interim chair, also with immediate effect.

Amanda Blanc, senior independent director at BP, said: "Albert has helped bring a welcome focus and pace to bp's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."

Tyler stated that the board and leadership team remain committed to the company's strategic direction. He noted that BP is delivering strong underlying operational performance and maintaining financial discipline.

The interim chair expressed confidence in CEO Meg O'Neill, who joined the company and has announced plans to move to an upstream/downstream model to simplify and strengthen the organization.

BP will begin a succession process to appoint a permanent chair.

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