The board of British energy major BP has unanimously decided to remove Chairman Albert Manifold from his role with immediate effect. The company announced the departure following serious concerns related to important governance standards, oversight, and conduct that the board deemed unacceptable.
This unexpected departure comes less than a year after Manifold was appointed to the role to help oversee a strategy revamp. He is the third senior BP leader to exit under a cloud in three years, as the energy giant's boardroom turmoil shows no sign of abating.
Senior independent director Amanda Blanc stated that the board has been surprised and disappointed to learn of the issues. Following the news of the chairman's removal, BP stock fell by over 4 percent in US and UK markets.