Overview
- BP's board unanimously removed chairman Albert Manifold on Tuesday and named director Ian Tyler as interim chair while the company said it had serious concerns about governance, oversight and behaviour.
- The board gave no public details of the alleged failings, a gap that has left investors and markets seeking clarity and pushed BP's share price sharply lower.
- Manifold disputes the board's account, saying he was removed without warning or explanation and rejecting the portrayal of his conduct in a public statement.
- The sudden change follows recent leadership shifts at BP, including the appointment of CEO Meg O'Neill and a strategic return to oil and gas, and comes after Manifold won only 82 percent support at the April annual meeting.
- The episode could prompt further investor pressure or regulatory scrutiny because the board's lack of specifics increases uncertainty about governance at a major oil company that recently reported strong Q1 profits driven by higher energy prices.