(Updates with BP's statement)
BP (BP.L) investors are asking for more details from the company after it fired Albert Manifold as chair over "unacceptable conduct," London's Financial Times reported Tuesday, citing shareholders of the energy giant.
The oil and gas company fired Manifold in May. One unnamed investor told FT many shareholders are concerned about whether the former chair's aggressive push for change prompted the ousting. Meanwhile, investors who spoke with BP noted that they are seeking clarity amid a promise to continue with Manifold's strategy of streamlining the company.
A person close to the company added that full details of the decision could not be disclosed to remain fair to the complainants, according to the report.
A BP spokesperson told, "We remain firmly focused on cost discipline and delivering value for our shareholders." BP also referred to interim Chair Ian Tyler's comments from the previous week, saying, "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."
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)