BP ousts chairman over ‘serious concerns’ about his conduct

By Hanna Ziady, CNN

London (CNN) — BP said Tuesday it had dismissed its chairman Albert Manifold less than a year since he was appointed to the role, after “serious concerns” were raised about “governance standards, oversight and conduct.”

The oil giant did not provide any details about the alleged failings related to governance or conduct, but said the board’s decision to remove Manifold was unanimous. BP’s shares were trading 5.9% lower in London.

“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,” Amanda Blanc, senior independent director at BP, said in a statement.

Manifold, the former CEO of Irish building materials company CRH, succeeded Helge Lund as BP chair on October 1. CNN has attempted to contact Manifold for comment.

BP has appointed Ian Tyler as interim chair “with immediate effect,” while it looks for a permanent replacement.

Tyler said the company was “moving at pace” to deliver on its new strategic direction and had been “very impressed” with Meg O’Neill, who became BP’s first female CEO in April.

“Under her leadership we are building a simpler, stronger, more valuable BP,” he added.

— This is a developing story and will be updated.

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