Oil giant BP ousts chairman over ‘conduct’
Summary
BP removed its chairman, Albert Manifold, over serious concerns about governance and conduct. Ian Tyler was named interim chair as BP begins the search for a permanent leader.Key Facts
- BP fired its chairman due to serious issues with governance and conduct.
- Albert Manifold became chairman in 2022 and was removed in 2023.
- Ian Tyler was appointed as interim chairman immediately after Manifold’s exit.
- BP is one of the world’s five largest oil companies and operates in about 60 countries.
- The company once planned to focus more on renewable energy but abandoned that plan last year.
- BP has faced troubles recovering from the 2010 Deepwater Horizon oil spill, which caused deaths and large environmental penalties.
- BP’s stock price dropped 6% before the New York Stock Exchange opened after news of the chairman’s removal.
- There were past rumors that Shell might buy BP, but Shell denied those reports.
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