BP removes chair Albert Manifold over 'serious' governance, conduct concerns

(Sharecast News) - BP shares slid on Tuesday as the oil giant said that chair Albert Manifold had been removed with immediate effect after "serious" concerns were raised about "important governance standards, oversight and conduct".

Senior independent director Amanda Blanc 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."

BP has appointed Ian Tyler as interim chair with immediate effect.

Tyler said: "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. BP is building a track record of strong underlying operational performance and a tight focus on financial discipline - all in the pursuit of growing shareholder value and returns.

"The board has been very impressed with Meg O'Neill since she joined as CEO. She has extensive industry and operational experience and real clarity about the direction and opportunity for the business. She has already taken bold action to simplify and strengthen the organisation such as announcing the move to a clearly defined upstream/downstream model. Under her leadership we are building a simpler, stronger, more valuable BP."

The company said a succession process for a permanent chair will be initiated.

At 1235 BST, the shares were down 4.9% at 524.20p.

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