BP Ousts Chairman Albert Manifold, Sending Shares Down 9%
Updated
Updated · CNBC · May 26
BP Ousts Chairman Albert Manifold, Sending Shares Down 9%
18 articles · Updated · CNBC · May 26
BP removed Albert Manifold with immediate effect after the board uncovered what it called unacceptable governance, oversight and conduct issues, replacing him with Ian Tyler as interim chair.
9% was the stock's steepest intraday drop after the surprise announcement, though losses later narrowed to about 5.8% as BP said it remained committed to its current strategy.
81.8% of shareholders had backed Manifold's election at last month's AGM — unusually weak support for a board chair and far below the near-unanimous votes directors typically receive.
October was when Manifold took the chair, making his exit unusually swift as BP shifts back toward oil and gas under new CEO Meg O'Neill, who took over on April 1.
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