BP Removes Chairman Albert Manifold Over Governance Concerns

BP removed Chairman Albert Manifold on Tuesday, citing serious concerns raised to the board about governance standards, oversight and conduct. The British oil group said the action followed an internal review prompted by those complaints. Manifold had led the company through its most recent turnaround plan.

The company described the concerns as relating to important governance standards, oversight and conduct. No further details on the nature of the complaints were released. BP shares fell 5 percent after the announcement.

Manifold joined BP in 2020 and became chairman in 2023.

He previously served as chief executive of another energy firm. The board did not name a successor in its initial statement. >"Albert Manifold had been removed, after concerns were raised related to important governance standards, oversight and conduct.