BP Abruptly Dumps Its Chairman Over 'Conduct'

BP has ousted its chairman over what it called serious concerns related to "important governance standards, oversight and conduct." The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position just last October, reports the AP. BP's board named boardmember Ian Tyler as interim chair on Tuesday, effective immediately, notes the Wall Street Journal. The company said it will begin the process of finding a permanent chair.

BP, based in London, is a "supermajor," one of the five largest oil production and exploration companies in the world by revenue and profit. The company maintains operations in about 60 countries. Shares were down 9% in the immediate aftermath of Manifold's ouster, notes CNBC.