London, May 29 (IANS) The Board of British oil giant BP PLC announced on Tuesday that it has unanimously decided that Albert Manifold should no longer serve as Chair and Director of the company, with immediate effect, following serious concerns raised with it related to important governance standards, oversight, and conduct.

However, the London-headquartered company has not disclosed any details regarding the nature of the conduct and governance issues. Manifold had joined BP in October last year as the company aimed to boost its performance.

The board of BP has appointed Ian Tyler as interim chair and launched a search process for a permanent new chief.

BP’s Senior Independent Director Amanda Blanc said: “Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”

Interim Chair Tyler said: “The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. BP is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns.”

“The Board has been very impressed with Meg O’Neill since she joined as CEO. She has extensive industry and operational experience and real clarity about the direction and opportunity for the business. She has already taken bold action to simplify and strengthen the organisation, such as announcing the move to a clearly defined upstream/downstream model. Under her leadership, we are building a simpler, stronger, more valuable BP.”

A succession process for a permanent Chair will be initiated, the company statement added.

–IANS

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