Bp thud in London: surprise removal of chairman Manifold
The decision came after 'serious concerns' emerged within the board relating to 'important standards of governance, supervision and conduct'
(Il Sole 24 Ore Radiocor) - Bp (British Petroleum) slipped on the London Stock Exchange, bucking the trend of a rising Ftse 100. Weighing on the British company's stock was the unanimous decision by the board to remove Albert Manifold as chairman with immediate effect.
Bp explained in an official note that the decision came after "serious concerns" emerged within the board relating to "important standards of governance, oversight and conduct". "Albert has helped bring positive focus and speed to Bp's transformation," Amanda Blanc, the group's senior independent director, said in the note. However, the board "was surprised and disappointed to learn problems with governance oversight and conduct that it finds unacceptable and has taken decisive action."
The company, meanwhile, has appointed Ian Tyler as interim chairman and will now start the process to identify a permanent chairman. In an attempt to reassure the market, Tyler emphasised that the board and management maintain 'strong conviction in the strategic direction outlined' and that the company is 'proceeding rapidly' in implementing the business plan. The manager also praised the work of CEO Meg O'Neill, saying that the board was 'very impressed' with her leadership and the 'bold actions' taken to 'simplify and strengthen the organisation'.
