BP's Leadership Shakeup: Immediate Removal of Chair Amid Governance Concerns

BP has unexpectedly removed Chair Albert Manifold, effective immediately, due to governance and conduct issues. This move comes months into Manifold's tenure, during which he worked on a strategy revamp to reinstate BP's focus on fossil fuels over renewable energy.

The board acted unanimously, highlighting serious concerns related to governance standards and conduct, expressing surprise and disappointment. Senior Independent Director Amanda Blanc acknowledged Manifold's contributions to BP's transformation but emphasized the unacceptability of the alleged oversight issues.

The company, which recently appointed its fifth CEO in six years, provided no further details. Despite repeated enquiries, a BP spokesperson declined further comment on the matter.

(With inputs from agencies.)