BP removes chairman Albert Manifold over governance and conduct concerns – Firstpost

Flying into an abrupt leadership crisis, BP has removed chairman Albert Manifold with immediate effect after the board uncovered what it described as serious governance oversight and conduct concerns.

In a statement released on Tuesday, the oil and gas major said its board had unanimously decided that Manifold would no longer serve as chair and director. The company did not disclose the exact nature of the concerns but said the issues related to “important 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,” senior independent director Amanda Blanc said in the statement.

The sudden exit comes at a critical time for BP as the company attempts to accelerate its operational transformation and strengthen shareholder returns amid volatility in global energy markets.

BP has appointed Ian Tyler as interim chair with immediate effect while the board begins the process of identifying a permanent successor.

Tyler sought to reassure investors and employees that the company’s broader strategy remained unchanged despite the leadership upheaval.

“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, adding that BP was focused on improving operational performance and maintaining strict financial discipline.

He also strongly endorsed Meg O’Neill, praising her leadership and recent efforts to simplify the company’s structure through a clearer upstream and downstream operating model.

According to the company, O’Neill has already taken “bold action” to build a “simpler, stronger and more valuable bp” as the energy major navigates a rapidly changing global energy landscape.