bp removes chairman following governance oversight concerns
(WO) — bp said its board has removed Chairman Albert Manifold with immediate effect following what the company described as governance oversight and conduct concerns.
The board unanimously decided Manifold should no longer serve as chair or director, according to a company statement released Tuesday.
“Albert has helped bring a welcome focus and pace to bp’s transformation,” said Amanda Blanc, bp’s senior independent director. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
bp did not provide additional details regarding the issues cited by the board.
The company appointed Ian Tyler as interim chair effective immediately while the board begins a search process for a permanent replacement.
Tyler said the company remains committed to its current strategic direction and operational restructuring efforts.
“The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it,” Tyler said.
He also voiced support for bp CEO Meg O’Neill, citing recent organizational changes including the company’s transition toward a more clearly defined upstream and downstream operating structure.
The leadership change comes as bp continues broader efforts to simplify operations, strengthen financial performance and reposition parts of its global portfolio amid shifting energy market conditions.
bp said the announcement constitutes inside information under applicable market disclosure requirements.
