BP has removed its chair, Albert Manifold, with immediate effect, citing 'serious concerns' about his conduct. The oil major has appointed Ian Tyler as interim chair until a permanent replacement is found. The company did not provide further details on the nature of the concerns.
Manifold has been chair of BP since 2019, having previously served as chief executive of the company. His removal comes at a time of increased scrutiny for the oil industry, with calls for greater transparency and accountability.
BP's shares closed down 0.5% at 415.60p on the London Stock Exchange, as the news broke. The move is likely to be seen as a major development in the oil industry, and could have implications for other companies.
Analysts have expressed concerns about the potential impact on investor confidence, with one observer noting that 'the timing of this move is particularly unwelcome' given the current climate. The oil industry is already facing significant challenges, including declining demand and increased competition from renewable energy sources.
BP has not commented on whether Manifold will face any further action, but the removal of the chair is a clear indication of the company's concerns over his conduct. The appointment of an interim chair is likely to be seen as a temporary measure, with a permanent replacement expected to be appointed in due course.