BP BP-N has ousted chairman Albert Manifold over what it called serious concerns related to “important governance standards, oversight and conduct.”
The departure was abrupt and unexpected, with Manifold having been appointed to the position just last year.
BP’s board named Ian Tyler as interim chair on Tuesday, effective immediately.
The company said that it will begin the process of finding a permanent chair.
BP, based in London, is a “supermajor,” one of the five largest oil production and exploration companies in the world by revenue and profit.
The company maintains operations in about 60 countries.
Shares tumbled 6 per cent before the opening bell on the NYSE.
