BP ousts chairman over 'serious concerns' about his conduct, shares slide

Oil giant BP has announced the immediate removal of its chairman, Albert Manifold, citing "serious concerns" regarding his conduct and adherence to important governance standards. The abrupt departure, occurring after only about seven months in the role, led to a significant decline in the company's share price, with drops exceeding 5% in London trading.

The board expressed its surprise and disappointment over the discovered issues, which some reports suggest included an aggressive management style and the alleged mishandling of privileged company information. Ian Tyler has been appointed as interim chair as BP searches for a permanent replacement. This event marks the latest in a series of leadership changes for the energy firm, contributing to ongoing questions about its corporate stability.