BP stock plunges 9% after board ousts chairman over conduct
BP's stock fell as much as 9% in London trading after the company's board announced it had unanimously removed Chairman Albert Manifold with immediate effect, citing conduct and governance concerns. The decision was made by the board and took effect immediately, though specific details of the conduct or governance issues were not disclosed. The sharp decline in share price reflects investor uncertainty following the abrupt leadership change.
Key facts
- BP stock fell as much as 9% in London
- Board unanimously removed Chairman Albert Manifold
- Removal was effective immediately
- Reason cited: conduct and governance concerns
- Specific details of the conduct or governance issues were not disclosed
- The decision was made by the board
- Investor uncertainty followed the abrupt leadership change
- The event occurred in London trading
Entities
Institutions
- BP
Locations
- London
- United Kingdom
Sources
- Quartz —