BP removed its chairman due to serious concerns about important governance standards, oversight, and conduct. The change was abrupt, with Albert Manifold appointed late the previous year. The board expressed surprise and disappointment after learning of governance oversight and conduct issues it deemed unacceptable, and it took decisive action. Ian Tyler was named interim chair effective immediately, and BP began searching for a new chair. BP is a London-based supermajor operating in about 60 countries. Manifold previously led CRH for 10 years. BP has faced criticism after abandoning a renewable energy shift and has struggled to recover from the 2010 Deepwater Horizon disaster.
"BP has ousted its chairman over what it called serious concerns related to "important governance standards, oversight and conduct." The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position late last year. The board named Ian Tyler as interim chair, effective immediately, and said the search for a new chair is underway."
""Albert has helped bring a welcome focus and pace to BP's transformation," Amanda Blanc, senior independent director, said in a statement Tuesday. "However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.""
"BP, based in London, is a "supermajor," one of the five largest oil production and exploration companies in the world by when measured by revenue and profit. The company maintains operations in about 60 countries. Manifold, who had been the top executive at the global building materials company CRH, based in Dublin, for 10 years, became the chair at BP in October."
"The company recently did a hard reset and returned to its roots after it had shifted its focus to renewable energy, which was abandoned earlier last year. The decision has been criticized by some shareholders and environmentalists. CEO Murray Auchincloss said last year that optimism over opportunities in renewable energy was misplaced, with the company moving "too far and too fast.""
#corporate-governance #leadership-change #oil-and-gas-industry #renewable-energy-strategy #bp-deepwater-horizon
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