BP Board Fires Chairman Over Conduct Concerns
BP's board voted to remove chairman Albert Manifold right away. The reason was serious concerns about his conduct.
Several colleagues felt his hands-on approach was excessive. Manifold had only held the role for eight months.
BP's senior independent director Amanda Blanc said the board was "surprised and disappointed" to learn of the issues. Ian Tyler was named as temporary chair. BP shares fell as much as 9% on the news.
Klear Note — A board chairman leads a company's board of directors. The board oversees major decisions and holds leadership accountable.
Key Terms 3
- BP Large British oil and energy company
- chairman Top person overseeing a company's board of directors
- senior independent director A board member who acts as a check on leadership