BP removes chairman Albert Manifold, citing 'oversight and conduct' issues
BP has removed its chairman, Albert Manifold, due to governance oversight and conduct issues. The board expressed surprise and disappointment over these unacceptable issues, leading to the immediate decision. Following the announcement, BP's shares dropped by 9%.
- ▪BP's board unanimously decided to remove Chairman Albert Manifold.
- ▪The decision was made due to governance oversight and conduct issues.
- ▪BP's shares fell by 9% following the announcement.
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The board of British energy major BP on Tuesday announced it had unanimously decided to remove Chairman Albert Manifold with immediate effect, citing governance oversight and conduct issues."Albert has helped bring a welcome focus and pace to bp's transformation," Amanda Blanc, senior independent director at BP, said in a statement. "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."London-listed shares of BP were last seen down 9% on the news.This is breaking news. Please refresh for updates.
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