BP has removed chairman Albert Manifold in the face of 'serious concerns' related to his conduct, oversight, and governance at the oil giant. The London-listed firm announced that its board 'unanimously decided that he should no longer serve as chair and director with immediate effect.' The company has not disclosed any details regarding the nature of the conduct and governance issues.
Background on Albert Manifold
Mr Manifold, previously chief executive of Irish building materials firm CRH, joined BP last October as it sought to drive an upturn in performance. Amanda Blanc, senior independent director at BP, stated: '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.'
Interim Chairman Appointed
The board has appointed Ian Tyler as interim chairman and launched a search process for a permanent replacement. Mr Manifold’s removal comes a month after almost a fifth of BP shareholder votes were cast against his election. Shareholder advisory group Glass Lewis had called for investors to vote against him due to concerns over governance.
Criticism was partly linked to BP’s refusal to include a resolution filed by climate activists at its annual general meeting, with Mr Manifold saying the resolution had not been filed correctly. The departing chair was also instrumental in the appointment of recently hired chief executive Meg O’Neill, who has sought to stabilise the firm. Shares in BP dropped by as much as 5% after Mr Manifold’s departure was confirmed.
