British oil and gas giant British Petroleum (BP) said Tuesday that its board had unanimously decided to remove Albert Manifold as chair and director of the company with immediate effect over concerns related to corporate governance.
In a statement posted on its website, BP said the decision followed “serious concerns” raised to the board regarding governance standards, oversight and conduct.
The company appointed Ian Tyler as interim chair with immediate effect, the statement said.
BP shares fell more than 5.5 percent by early Tuesday afternoon following the announcement.
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