British petroleum company BP has dismissed its chairman following what the company described as significant concerns regarding “important governance standards, oversight and conduct.”
The removal was sudden and came as a surprise, given that Albert Manifold had only been named to the role last year.
On Tuesday, BP’s board immediately installed Ian Tyler as interim chair, effective right away.
The energy firm announced it would start searching for a permanent replacement.
Headquartered in London, BP ranks among the world’s five largest oil production and exploration corporations by both revenue and profit, earning it “supermajor” status.
The energy giant operates in approximately 60 nations worldwide.
Stock prices dropped 6% in pre-market trading on the New York Stock Exchange.
