BP has ousted chair Albert Manifold with immediate effect, citing "serious concerns" related to his conduct, oversight, and governance at the London-listed oil giant. The board "unanimously decided that (he) should no longer serve as chair and director with immediate effect," the company announced on Tuesday.
Board's Decision
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." The board has appointed Ian Tyler as interim chair and initiated a search process for a permanent replacement.
Implications for BP
This sudden removal marks a significant leadership shake-up at BP, which has been navigating a transition towards renewable energy while managing its traditional oil and gas operations. The governance issues come at a critical time as the company faces scrutiny over its environmental record and financial performance.
BP reported £2 billion profits recently, even as climate crisis triggers extreme heatwaves, highlighting the ongoing tension between profitability and sustainability goals. The ousting of Manifold may signal a stricter approach to corporate governance at the firm.
This is a breaking news story, and more details are expected to emerge as the search for a new chair progresses.
