BP has removed its chairman, Albert Manifold, following the board’s receipt of “serious concerns” regarding governance standards, oversight, and conduct. The London-based energy giant announced the change on Tuesday, marking a significant shift in leadership amid scrutiny of its internal practices.

The company did not elaborate on the specifics of the concerns that prompted Manifold’s departure. However, a brief statement confirmed that the board acted swiftly upon receiving the information. Details surrounding the nature of the governance issues remain undisclosed at this time.

Albert Manifold had served as chairman of BP since 2020. His departure comes at a time when energy companies face increasing pressure to demonstrate strong ethical and governance practices. BP, like its peers, has been navigating a complex landscape of environmental regulations, shareholder activism, and evolving public expectations.

BP’s board is now initiating a search for a new chairman. The transition is expected to occur in due course, with an interim leadership structure potentially being implemented in the meantime. The company has emphasized its commitment to upholding the highest standards of corporate governance and ensuring robust oversight of its operations.

The removal of the chairman reflects a proactive approach by the board to address potential shortcomings and reinforce BP’s dedication to responsible business practices. Further details about the governance concerns and the selection of a new chairman are anticipated to be released as the situation develops.