BP announced on Tuesday that it has ousted Chair and Director Albert Manifold, effective immediately.
In its announcement, BP said that its board had unanimously decided that Manifold — who took on the role less than a year ago — would be removed following “serious concerns raised to the Board related to important governance standards, oversight and conduct.”
“Albert has helped bring a welcome focus and pace to bp’s transformation,” Amanda Blanc, senior independent director for BP, said in the announcement. “However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”
BP did not share further details about its concerns with Manifold, who joined BP last June and oversaw the hiring of BP’s current CEO, Meg O’Neill, late last year.
The oil company and convenience retailer has appointed Ian Tyler as interim chair as it begins a search process for Manifold’s replacement. Tyler is currently the chair of building materials company Grafton Group, according to his bio on BP’s website.
In Tuesday’s announcement, Tyler said BP’s board and leadership team has “deep conviction” in its strategic direction as it continues to tighten its finances across several business units, including convenience retailing. He added that the board has been “very impressed” with O’Neill since she became CEO earlier this year.
“She has extensive industry and operational experience and real clarity about the direction and opportunity for the business,” Tyler said of O’Neill. “She has already taken bold action to simplify and strengthen the organization such as announcing the move to a clearly defined upstream/downstream model. Under her leadership we are building a simpler, stronger, more valuable bp.”
This isn’t the first time BP has ousted a leader over misconduct. About three years ago, the company parted ways with former CEO Bernard Looney after learning he “knowingly misled the board” about a past personal relationship with a colleague.
