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BP Board Ousts Chairman Albert Manifold Over Governance Issues
BP's board unanimously voted to remove Chairman Albert Manifold with immediate effect, citing governance oversight and conduct issues. Shares fell as much as 9 percent before recovering some losses. Ian Tyler was named interim chair.
May 26, 7:53 AM·1m read3 sources
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The board of British energy major BP on Tuesday announced it had unanimously decided to remove Chairman Albert Manifold with immediate effect, citing governance oversight and conduct issues. "Albert has helped bring a welcome focus and pace to bp's transformation," Amanda Blanc, senior independent director at BP, said in a statement. The stock was last seen trading off by more than 5.4%.
BP said it has appointed Ian Tyler as interim chair with immediate effect, noting that a succession process for a permanent chair is set to get underway. "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," Tyler said.
" The board described the move as decisive action taken after learning of the issues.
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