BP removes Manifold as chair on serious governance concerns

BP Plc’s board removed Chairman Albert Manifold from his role with immediate effect due to serious concerns about governance standards, oversight and conduct.

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, senior independent director at BP, said in a statement on the company’s website.

Shares of the company fell 9.3% to 500.0 pence as of 12:32 p.m. in London.

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The chairman’s sudden and unexpected departure prolongs a period of severe leadership turmoil at a moment when BP was supposed to be turning itself around from years of poor performance. Manifold played a key role in the removal of former Chief Executive Officer Murray Auchincloss and the appointment of his replacement Meg O’Neill.

The board has appointed Ian Tyler as interim chair. BP’s leadership still has “deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it,” Tyler said in the statement.

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