Oil giant BP ousts recently appointed chair over governance concerns and "conduct issues"
CBS News • • business
Key Points:
- BP has abruptly removed Chair Albert Manifold due to serious governance and conduct concerns, less than a year after his appointment.
- The board unanimously decided on Manifold's immediate removal, with Ian Tyler appointed as interim chair.
- Amanda Blanc, senior independent director, expressed the board's surprise and disappointment over the governance issues.
- BP will begin a search for a permanent chair amid efforts to redirect the company amid declining demand and a 16% drop in 2025 earnings.
- Following the announcement, BP shares fell 5% on the New York Stock Exchange.