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 late last year.“Albert has helped bring a welcome focus and pace to BP’s transformation,” Amanda Blanc, senior independent director, said in a statement Tuesday. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”BP’s board named Ian Tyler as interim chair, effective immediately.The search for a new chair is underway, BP said. BP, based in London, is a “supermajor,” one of the five largest oil production and exploration companies in the world by when measured by revenue and profit.The company maintains operations in about 60 countries.
Manifold, who had been the top executive at the global building materials company CRH, based in Dublin, for 10 years, became the chair at BP in October. Last year there were media reports that British oil giant Shell was in talks to buy rival BP. Shell denied the reports at the time.
Industry analysts have suggested that BP would be an attractive takeover target after a plan to shift its focus to renewable energy, which was abandoned earlier last year. The company recently did a hard reset and returned to its roots after it had shifted its focus to renewable energy in 2020. The decision has been criticized by some shareholders and environmentalists.
