BP removes its chairman Albert Manifold over 'serious concerns' over conduct
BP has removed its chairman Albert Manifold over "serious concerns" were raised relating to "governance standards, oversight and conduct".
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The London-listed firm said its board "unanimously decided that (he) should no longer serve as chair and director 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."
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The board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement.
Shares in BP dropped by as much as 5% after Manifold’s departure was confirmed, and the company did not give details of the alleged conduct or governance failings.
Manifold was appointed in July last year, replacing Helge Lund after six troubled years steering the company.
He becomes the second senior leader at BP to lose his job for conduct reasons within three years after Bernard Looney was forced out in September 2023 for failing to disclose sexual relationships with colleagues when he was made chief executive.
Looney was later denied £32m in pay and shares after BP’s board said it had been misled.