BP ousts chair

BP removed board chair Albert Manifold on Tuesday, citing serious concerns related to governance standards, oversight and conduct. The move was immediate, came eight months into his chairmanship, hit BP shares, and left Ian Tyler as interim chair while BP searches for a permanent replacement.

1. Frame 1London: BP removed chair Albert Manifold on Tuesday after governance and conduct concerns.
2. Frame 2The board said Manifold leaves immediately, eight months after becoming chair.
3. Frame 3Shares fell as much as 9%, then stayed lower as investors absorbed the shock.
4. Frame 4Amanda Blanc said directors were surprised, disappointed, and took decisive action.
5. Frame 5Ian Tyler became interim chair while BP starts a permanent-chair search.
6. Frame 6Unanswered: BP gave no details, leaving its strategy reset under sharper scrutiny.