BP Chairman Ousted Over Governance Issues, Stock Price Drops

According to The Wall Street Journal, British Petroleum (BP) has stated that Chairman Albert Manifold will immediately step down due to issues related to governance standards, oversight, and conduct.

Last October, Manifold had just taken on the role of Chairman for this UK energy giant. BP said that after learning about these governance, oversight, and conduct issues, the board unanimously found these to be unacceptable, deciding that Manifold would no longer continue as Chairman.

BP has appointed Ian Tyler to serve as interim Chairman. Following the announcement, BP's share price plummeted in the London market, at one point declining by 9.3%, the largest single-day drop in six years.