BP ousts chairman over ‘serious concerns’ about his conduct | CNN Business

BP said Tuesday it had dismissed its chairman Albert Manifold after less than a year in the role, citing “serious concerns” about “governance standards, oversight and conduct.” The surprise ouster marks the latest leadership turmoil at the British oil giant, which has seen several CEOs depart abruptly under a cloud. The company declined to provide further details about the alleged failings related to governance and conduct when contacted by CNN, but said the board’s decision to remove Manifold was unanimous. BP’s shares fell as much as 9% in London immediately following the announcement, before paring losses to close 4% lower at £5.29 ($7.11) per share. The stock was still under pressure Wednesday, falling around 1.5%. “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,” Amanda Blanc, senior independent director at BP, said in a statement. Manifold, the former CEO of Irish building materials company CRH, succeeded Helge Lund as BP chair on October 1. In a statement shared with CNN Wed