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BP Ousts Chairman Manifold Immediately Over Governance Concerns

BP's board unanimously removed Chairman Albert Manifold on Tuesday, citing governance oversight and conduct issues deemed unacceptable by directors. The London-listed energy company's shares fell 9% following the announcement. Amanda Blanc, senior independent director, acknowledged Manifold's contributions to the company's transformation while explaining the board's decisive action. Ian Tyler assumed the role of interim chair effective immediately. The company said it will conduct a formal succession process to identify a permanent chairman. Tyler stated the board maintains confidence in BP's strategic direction and operational performance. He emphasized the company's commitment to financial discipline and generating shareholder value and returns.