BP removes chairman Albert Manifold over serious governance and conduct concerns; Ian Tyler appointed interim chair
BP $BP shareholders face a chair removal mid-strategy: per BP's own statement today, the board unanimously decided Albert Manifold should no longer serve, citing serious concerns about governance, oversight and conduct. Ian Tyler appointed interim chair. London-listed shares fell
BP shareholders are absorbing a sudden change at the top of the board. According to a statement issued by BP today, the company's board unanimously decided that Albert Manifold should no longer serve as chair and director, with immediate effect. The board cited serious concerns about important governance standards, oversight and conduct, without elaborating on the specifics. BP has appointed Ian Tyler as interim chair. Tyler has served as an independent non-executive director at BP and brings a background in building and utilities companies. The company stated that a succession process for a permanent chair will be initiated. According to The Irish Times, Manifold, the former chief executive of Irish building materials group CRH, had only been in the BP chair role for less than a year. He had survived an investor rebellion at BP's annual general meeting last month, where more than 18 percent of investors voted against his re-election following a recommendation from advisory firm Glass Lewis to oppose his election over governance concerns. BP $BP did not disclose the specific conduct or governance failings behind the removal. The company's London-listed shares fell roughly 5.5 percent on the announcement. Amanda Blanc, BP's senior independent director, said in the company statement that Manifold had helped bring focus and pace to BP's transformation, but that the board had been surprised and disappointed by the conduct issues it deemed unacceptable. CEO Meg O'Neill, who joined in December to steady the company's operations and is leading a shift to a defined upstream/downstream model, retains the board's backing according to the BP statement.