BP (BP.L) shares are trading down approximately 5% today after the company announced the immediate removal of its Chairman, Albert Manifold, in a surprise move that has shaken investors.
- The Board of Directors cited “serious concerns raised to the board related to important governance standards, oversight and conduct” as the reason for the decision.
- Senior Independent Director Amanda Blanc stated the board was “surprised and disappointed” to learn of the issues, which it deemed “unacceptable.”
- Director Ian Tyler has been appointed as Interim Chair while a search for a permanent successor begins.