BP's stock is trading down 4.4% at $42.39 today following the board's immediate removal of Chairman Albert Manifold over serious governance and conduct issues.
- The board cited "serious concerns raised to the Board related to important governance standards, oversight and conduct" as the reason for the unanimous decision.
- Manifold had been appointed in October of the previous year, and his ousting marks another instance of senior executive dismissal at the company related to conduct.
- Ian Tyler has been appointed as the interim chairman while a search for a permanent successor is underway.