Topline
BP announced on Tuesday the removal of chair Albert Manifold, citing concerns about “oversight and conduct” just eight months into Manifold’s tenure in the latest instance of leadership turmoil for the British oil firm in recent years.
Manifold held the role for just eight months amid broader leadership concerns at the firm.
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Key Facts
BP’s board said in a statement that Manifold was removed from his role as chair and director following “serious concerns raised to the board related to important governance standards, oversight and conduct,” though it did not provide additional details.
Ian Tyler, who previously served as Balfour Beatty’s chief executive and is the chair of the building supplies firm Grafton Group, was appointed as interim chair.
Shares of BP dropped 5.3% in premarket trading following the announcement.
This is a developing story.