economy
BP shares fall after board removes chairman Albert Manifold over 'serious’ conduct concerns
The board of British energy major BP on Tuesday announced it had unanimously decided to remove Chairman Albert Manifold with immediate effect.
TL;DR
- BP Chairman Albert Manifold was removed by the board due to "serious concerns" over governance, oversight, and conduct.
- BP shares dropped sharply after the announcement of Manifold's dismissal.
- Ian Tyler has been appointed as interim chair, and a search for a permanent replacement is underway.
- Manifold had faced investor criticism and lower-than-typical support at the recent annual general meeting.
- The dismissal comes as BP refocuses on oil and gas and replaces its CEO.