BP chairman is ousted over 'conduct'
AP News • • business
Key Points:
- BP has abruptly removed its chairman, Albert Manifold, due to serious concerns related to governance standards, oversight, and conduct, with the board unanimously supporting the decision.
- Ian Tyler has been appointed as interim chair, while BP has begun the search for a permanent replacement.
- Manifold, appointed in October 2023 as an industry outsider to redirect BP, faced significant shareholder opposition, particularly over climate reporting and governance issues.
- BP has experienced leadership turmoil recently, including CEO Bernard Looney's resignation over misconduct and subsequent changes in executive leadership.
- The company continues to grapple with challenges such as declining oil demand, falling earnings, and criticism over its shifting energy strategy and environmental commitments.