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BP Board Removes Chairman Manifold Over Governance Failures

BP's board unanimously voted to remove Chairman Albert Manifold effective immediately, citing serious governance deficiencies and conduct concerns. The decision marks a significant leadership shake-up for the energy giant. The board determined that Manifold's tenure fell short of expected oversight standards. The immediate removal underscores the severity of the board's assessment. BP shares declined 9 percent following the announcement. The company has not disclosed specifics regarding the governance issues that prompted the action. A successor to Manifold has not yet been announced.