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BP $BP removed Chairman Albert Manifold with immediate effect on Tuesday, citing serious concerns related to governance standards, oversight and conduct.
The board said the decision was unanimous. In a statement, Amanda Blanc, BP's senior independent director, described the board as having been caught off guard by what it found. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," she said. The company did not elaborate on the specific nature of the concerns.
Ian Tyler has been named interim chair, BP said, with the board set to begin a formal process to identify a permanent successor. Tyler said in a statement: "The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it."
BP stock fell as much as 9% in London following the announcement, according to CNBC.
