BP PLC (NYSE:BP) shares are trading lower Tuesday afternoon following a major, unexpected shakeup in the energy giant’s boardroom. Here’s what investors need to know.
BP shares are retreating from recent levels. Why is BP stock falling?
BP Board Removes Chair Albert Manifold Over Conduct Concerns
Early Tuesday, the BP board of directors announced its unanimous decision to remove Albert Manifold from his position as Chair and Director, effective immediately. This abrupt departure stems from concerns brought to the board regarding Manifold’s oversight, conduct and adherence to governance standards.
Amanda Blanc, BP’s Senior Independent Director, stated that while Manifold brought focus to BP’s transformation, the board was “surprised and disappointed” to learn of the governance and conduct issues it deemed unacceptable, prompting decisive action.
