BP has removed Albert Manifold as chairman of the British energy company following a board-level review. The company confirmed the decision after its board identified issues related to governance standards, oversight and conduct. BP did not specify the nature of those issues in its announcement.
Manifold had taken over as BP chairman in October. His tenure at the top of the board proved short-lived. The removal came swiftly once the board determined that governance concerns warranted action.
Shares fall sharply on the news
London-listed BP shares dropped 6% in response to the announcement. The decline reflects investor concern about leadership instability at a company already navigating a challenging period in the energy sector. A chairman departure tied to governance and conduct issues tends to raise broader questions about board oversight and internal controls.
BP has not indicated who will take over the chairman role or provided a timeline for the transition. Further details about the specific governance matters at the center of the decision are also yet to be disclosed publicly.
The development adds a significant and unexpected layer of uncertainty to BP’s leadership picture. Investors and analysts will be watching closely for the company’s next steps, including how it communicates the circumstances behind the removal and how quickly it moves to stabilize governance at the board level.
This is a developing story.
Source: The Wall Street Journal
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