BP Plc abruptly dismissed Chairman Albert Manifold on Tuesday after the company’s board became aware of governance and conduct concerns that it said fell short of the company’s standards, removing its top board member less than a year after his appointment.
The decision was unanimous, the company said, and board member Ian Tyler was appointed interim chairman, effective immediately. Senior independent director Amanda Blanc said in a statement that while Manifold had “helped bring a welcome focus and pace to BP’s transformation,” the board was “surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
The company described the issues as related to “important governance standards, oversight and conduct” but did not elaborate on the specifics of Manifold’s departure.
Based in London, BP is among the world’s five largest oil and gas exploration and production companies, often referred to as a “supermajor.” Manifold, a former chief executive of Irish building materials supplier CRH Plc, was appointed to the BP board and named chairman late last year.