New Delhi, May 26 (IANS) The Board of British oil giant BP announced on Tuesday that it has unanimously decided that Albert Manifold should no longer serve as Chair and Director of the company with immediate effect. This follows serious concerns raised to the Board related to important governance standards, oversight and conduct.
However, the London-headquartered company has not disclosed any details regarding the nature of the conduct and governance issues. Manifold had joined BP in October last year as the company aimed to boost its performance.
The board of BP has appointed Ian Tyler as interim chair and launched a search process for a permanent new chief.
Amanda Blanc, Senior Independent Director at BP, said: “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 Board has appointed Ian Tyler as Interim Chair with immediate effect, the statement said.
“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,” said Ian Tyler, Interim Chair.
“The Board has been very impressed with Meg O’Neill since she joined as CEO. She has extensive industry and operational experience and real clarity about the direction and opportunity for the business. She has already taken bold action to simplify and strengthen the organisation such as announcing the move to a clearly defined upstream/downstream model. Under her leadership we are building a simpler, stronger, more valuable BP,” Tyler added.
A succession process for a permanent Chair will be initiated, the company statement added.
–IANS
sps/na