BP names new chairman after removing Albert Manifold over conductFormer Balfour Beatty boss Ian Tyler has been the interim chairman since May and joined the BP board as a non-executive director last year.BP has revealed sharply lower annual profits after steep falls in the cost of crude (Alamy/PA)Henry Saker-Clark2 minutes ago
BP has appointed Ian Tyler as the energy giant’s new chairman, after his predecessor was ousted due to concerns over conduct and governance.
Former Balfour Beatty boss Mr Tyler has been the interim chairman since May and joined the BP board as a non-executive director last year.
The FTSE 100 firm said he will now take over the role immediately.
The appointment comes after a roughly three-month search process to replace Albert Manifold who was removed from the post earlier this year.
Mr Manifold, who had joined the business in October in a bid to improve performance, was removed as BP reported “serious concerns” related to his conduct, oversight and governance at the oil giant.
He said he “entirely” disputed the characterisation of his conduct laid out by his former employer and he rejected their “lies”.
It comes amid a significant leadership shake-up at BP, which saw Meg O’Neill take over as chief executive in April.
Mr Tyler said: “I will lead the board’s evolution, ensuring we have the depth, experience and capabilities needed to support the company’s strategic priorities and long-term value creation.
“I am committed to establishing regular and transparent engagement with our shareholders, while continuing to support the wider leadership team as they deliver the performance and value our shareholders rightfully expect.”
Dame Amanda Blanc, BP’s senior independent director who oversaw the appointments of Mr Manifold and Mr Tyler, also confirmed she will not stand for re-election and will step down next year.
“It has been an honour to have served on the board of BP and as senior independent director,” she said.
“I will leave knowing that BP has a strong foundation with Meg and Ian now in place, and wish them and the company every success for the future.”