BP Shares Slide 9% as Board Ousts Chairman over Governance Concerns
BP•BP's board voted unanimously to remove chairman Albert Manifold with immediate effect, citing whistleblower complaints about alleged bullying, confrontational management and policy breaches related to private device use. Shares plunged as much as 9% intraday before recovering to close around 4% lower, while Ian Tyler steps in as interim chair.
1. Board Votes to Remove Chairman
BP's board voted unanimously to remove chairman Albert Manifold with immediate effect, citing serious governance and conduct concerns following multiple whistleblower complaints.
2. Allegations and Chairman Response
Complaints alleged bullying, a confrontational management style and breaches of policy through use of personal devices, while Manifold denied all allegations, disputed the lack of warning and indicated he may pursue legal action.
3. Market Reaction and Interim Leadership
Shares fell as much as 9% intraday before closing about 4% lower, and senior independent director Ian Tyler has been named interim chair as the search for a permanent replacement begins without altering the company’s strategic direction.
