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Update: Ex-BP Chair Reportedly Says He Was Dismissed Without Explanation

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(Updated with BP's comments in paragraphs 3, 4 and 7)

Former BP (BP) Chairman Albert Manifold said on Wednesday that he was dismissed without warning or explanation and intends to challenge the energy firm's version of events, according to multiple media reports.

BP ousted Manifold on Tuesday after eight months, citing "serious concerns" regarding "governance standards, oversight and conduct."

"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," said Amanda Blanc, Senior Independent Director at BP.

BP appointed Ian Tyler as interim chair with immediate effect.

Though the British energy major provided no further details, the decision reportedly followed complaints concerning Manifold's behavior toward employees, the mishandling of sensitive information, and attempts to bypass the board.

"I was removed without warning and without explanation," Manifold reportedly said. "I dispute entirely the characterization of my conduct, and I will not allow a false narrative to go unchallenged."

BP directed requests for comment on Manifold's departure to its previously issued press release.

Manifold's dismissal marks the latest chapter in a prolonged period of leadership upheaval at BP, which has cycled through three CEOs in as many years. The move raises fresh questions about internal processes as the company attempts to reverse years of poor performance.

Manifold, who joined BP in October after leading building-materials giant CRH, was viewed as a driving force behind the energy firm's strategic reboot.

His departure consolidates the authority of CEO Meg O'Neill, whom Manifold hired last year. O'Neill, the first female CEO of a major integrated oil company, began reshaping the firm with a restructuring plan announced within weeks of taking the role last month.

Prior to his departure, investors had welcomed several of Manifold's initiatives, including his push to prioritize core oil and gas investments, improve operational efficiency and divest non-core assets.

BP signaled on Tuesday that it intends to maintain the strategy initiated under Manifold.

Price: $41.41, Change: $-1.25, Percent Change: -2.92%

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