Business
bp Chair removed
BP PLC has unanimously decided to remove Albert Manifold as Chair and Director with immediate effect due to serious concerns regarding governance standards, oversight, and conduct. Ian Tyler has been appointed Interim Chair, and the company reaffirms its strategic direction and commitment to strong operational performance and financial discipline under CEO Meg O'Neill. A succession process for a permanent Chair will be initiated. Disclaimer*
About this update from Bp Plc
bp Chair removed The Board of BP p.l.c. (LSE and NYSE: bp) ("bp") announces that it has today unanimously decided that Albert Manifold should no longer serve as Chair and Director with immediate effect. This follows serious concerns raised to the Board related to important governance standards, oversight and conduct. Amanda Blanc, Senior Independent Director at bp, 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." The Board has appointed Ian Tyler as Interim Chair with immediate effect. Ian Tyler, Interim Chair, 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 organization 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. -ENDS- Contacts: bp press office, London: [email protected] This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of BP p.l.c., is Michael Sosso, Executive Vice President, Legal. Cautionary statement: In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This announcement contains certain forward-looking statements - that is, statements related to future, not past events and circumstances - which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of wor...