BP removes chairman over ‘serious’ governance concerns

British oil giant BP said Tuesday that it had removed Albert Manifold as chairman after less than one year in the role, citing “serious concerns” about governance standards, oversight, and conduct at the company.

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, a senior independent director at BP, said in a statement.

It did not give specific details of the alleged conduct.

Shares in the company plunged more than six per cent after the surprise announcement.

The company said board member Ian Tyler has been appointed interim chairman with immediate effect.