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“Albert has helped bring a welcome focus and pace to bp’s transformation,” Amanda Blanc, senior independent director at BP, said in a statement.
“However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Blanc said.
London-listed shares of BP fell as much as 9% on the news, before paring losses. The stock was last seen trading off by more than 5.4%.
BP said it has appointed Ian Tyler as interim chair with immediate effect, noting that a succession process for a permanent chair is set to get underway.
“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,” Tyler said.
“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,” he added.
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