BP has dismissed Albert Manifold, the company's president, due to 'serious concerns' related to governance and conduct.

The British oil company BP announced on Tuesday the dismissal of Albert Manifold, its chairman, less than a year after his appointment, due to 'serious concerns' regarding governance standards, oversight, and conduct.

The Board of Directors unanimously decided to remove Manifold, without providing details about the reported irregularities. This decision had an immediate impact on BP's stock price, which fell by 5.9% on the London Stock Exchange. Amanda Blanc, senior director at BP, stated that although Manifold had brought focus and a faster pace to the company's transformation, the governance issues were deemed unacceptable.

BP has appointed an interim chairman, Ian Tyler, who stated that the company continues to move quickly in implementing its new strategic direction under the leadership of CEO Meg O’Neill.