Oil giant BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.” The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position just last year.
Immediate Succession
BP's board named Ian Tyler as interim chair on Tuesday, effective immediately. The company stated that it will begin the process of finding a permanent chair.
Company Background
BP, headquartered in London, is a “supermajor,” ranking among the five largest oil production and exploration companies globally by revenue and profit. The company maintains operations in approximately 60 countries.
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Shares tumbled 6% before the opening bell on the New York Stock Exchange following the announcement.
