Shares of BP (NYSE:BP) fell 5.2% in premarket trading on Tuesday after the company announced the immediate dismissal of Chairman and Director Albert Manifold following governance-related concerns.
Board cites governance and conduct issues
BP said its board unanimously decided to remove Manifold after identifying serious concerns linked to governance standards, oversight and conduct, according to a company filing released Tuesday.
The board simultaneously appointed Ian Tyler as Interim Chair with immediate effect.
Senior director says board took decisive action
Amanda Blanc, Senior Independent Director at BP, said the board had been “surprised and disappointed” by the governance oversight and conduct issues that emerged.
She added that the board considered the matters unacceptable and acted swiftly in response.
Blanc also acknowledged Manifold’s contribution to accelerating the company’s ongoing transformation efforts.
Interim chair backs BP strategy and operational focus
Ian Tyler said the board and executive leadership team remain fully committed to the strategic direction already outlined by the company and are continuing to execute at pace.
He added that BP is strengthening its record of operational performance while maintaining strict financial discipline.
CEO praised as company advances restructuring plan
The interim chairman also praised Chief Executive Officer Meg O’Neill, highlighting her industry expertise and operational leadership since joining the company.
O’Neill recently announced BP’s transition toward a more clearly defined upstream and downstream operating structure aimed at simplifying and strengthening the business.
Search for permanent chair to begin
BP said it will now launch a formal succession process to appoint a permanent chairman.
The company did not disclose additional information regarding the specific governance concerns that resulted in Manifold’s removal.