The Board of BP p.l.c. (LSE and NYSE: bp) (“bp”) announces that it has today unanimously decided that Albert Manifold should no longer serve as Chair and Director with immediate effect. This follows serious concerns raised to the Board related to important governance standards, oversight and conduct.

Amanda Blanc, Senior Independent Director at bp, said: “Albert has helped bring a welcome focus and pace to bp’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”

The Board has appointed Ian Tyler as Interim Chair with immediate effect.

Ian Tyler, Interim Chair, said: “The Board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it. bp is building a track record of strong underlying operational performance and a tight focus on financial discipline – all in the pursuit of growing shareholder value and returns.

“The Board has been very impressed with Meg O’Neill since she joined as CEO. She has extensive industry and operational experience and real clarity about the direction and opportunity for the business. She has already taken bold action to simplify and strengthen the organization such as announcing the move to a clearly defined upstream/downstream model. Under her leadership we are building a simpler, stronger, more valuable bp.”

A succession process for a permanent Chair will be initiated.