By Ayomide Otitoju
BP announced on Tuesday the removal of Albert Manifold as chairman less than a year after his appointment, citing “serious concerns” over governance standards, oversight, and conduct within the company.
In a statement, senior independent director Amanda Blanc said the board was “surprised and disappointed” by the issues uncovered and had taken “decisive action.”
The company, however, did not disclose specific details regarding the alleged misconduct.
Following the announcement, BP shares fell by more than six percent in market trading.
BP also confirmed that board member Ian Tyler has been appointed interim chairman with immediate effect.
Manifold assumed the role in October last year during a period in which BP was shifting focus back to its core oil and gas operations while scaling back investments in clean energy.
His exit marks the latest leadership change at the energy giant after Meg O’Neill became chief executive in April and launched a recovery strategy for the company.
The new leadership team recently faced shareholder resistance at BP’s annual general meeting, where investors rejected a proposal to scale back the company’s climate reporting obligations.
Investor dissatisfaction also appeared to affect support for Manifold, with only 82 percent of shareholders backing his election — significantly below the near-unanimous approval typically received by board directors.
BP recently posted a sharp rise in first-quarter profits, driven by soaring crude oil prices amid the ongoing conflict in the Middle East.
