• Manifold joined BP in September last year and was appointed as chairman in October.
• He had replaced Helge Lund as chair and director, who had held the position for nearly seven years.
• The company said it has appointed Ian Tyler as interim chair of the board and will initiate a permanent succession plan.

U.S.-listed shares of BP plc (BP) slid nearly 5% on Tuesday at market open after the company abruptly announced that it had removed Albert Manifold as chair of the board and as a director, effective immediately.

Serious Concerns But Vague Details

In a public statement, the company said it decided to remove Manifold after serious concerns were raised about him regarding important governance standards, oversight, and conduct, without elaborating on any specifics.

“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” the company said.

Manifold joined the company in September last year and was appointed as chairman in October. He had replaced Helge Lund as chair and director, who had held the position for nearly seven years.

BP Appoints Interim Chair

The company said it has appointed Ian Tyler as interim chair of the board and will initiate a permanent succession plan. Tyler also joined the company last year as a non-executive director and chair-elect of the remuneration committee.

“The board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. BP is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns,” Tyler said.

The company, which also recently appointed Meg O’Neill as its new CEO in April, said it has been “very impressed” with her, citing her “extensive industry and operational experience and real clarity about the direction and opportunity for the business.”

What Does Retail Think About BP

On Stocktwits, retail sentiment about BP stock turned ‘neutral’ from ‘bearish’ over the last 24 hours. One user on the platform views the dip as a buying opportunity.

BP stock is up more than 27% so far this year, and more than 53% over the past 12 months, outperforming the S&P 500.

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