The decision stems from issues the board found to be “unacceptable,” although they recognized Manifold’s role in advancing BP’s strategic transformation initiatives.
“A focus and momentum on BP’s transformation has been welcomed greatly thanks to Albert,” stated Amanda Blanc, senior independent director at BP.
“Nevertheless, the board is surprised and disappointed to discover governance and conduct issues that it considers intolerable and has therefore taken decisive measures,” she continued.
This announcement elicited a strong market reaction, leading to a drop in London-listed BP shares of up to 9% during trading, before partially recovering. The stock was last noted to be over 5.4% lower.
BP confirmed that Ian Tyler has been named interim chairman immediately as the company initiates the search for a permanent replacement.
“The Board and leadership express strong confidence in the strategic direction we have outlined, and the company is progressing rapidly in its execution,” Tyler stated.
“BP is establishing a solid track record of strong operational performance and a focused approach to financial discipline, all aimed at enhancing shareholder value and returns,” he added.
(Edited by : SHEERSH KAPOOR)
