Energy major BP on Tuesday said it has removed its Chairman Albert Manifold citing "unacceptable" governance oversight and conduct issues. Manifold has been removed with immediate effect, according to reports.
Ian Tyle has been appointed as interim chair the company said while it starts looking for permanent replacement. Tyler said BP's leadership remains strongly committed to the strategic roadmap already outlined and is continuing to execute it at speed.
"BP is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns," said Tyle.
Manifold had taken over in October, however, he received lower-than-typical support as he has been pushing for a faster shift back to oil and gas investments.
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“The board has been surprised and disappointed to discover governance oversight and conduct matters it considers unacceptable and has acted decisively,” senior independent director Amanda Blanc said in a statement posted on the company's website.
Following the announcement, BP shares dropped 9.3% to 500 pence in London trading by 12:32 p.m.
The abrupt exit adds to ongoing leadership instability at BP at a time when the energy giant has been attempting to revive performance after years of underwhelming results. Manifold had been closely involved in the departure of former CEO Murray Auchincloss and the appointment of his successor Meg O'Neill.
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