BP ADR

BP has removed chairman Albert Manifold from the board with immediate effect over "serious concerns" about leadership standards, oversight and conduct. Ian Tyler was named as interim successor. The share fell intraday by more than nine percent and was still about 4.6 percent down in the afternoon. Manifold had only joined last year and had been instrumental in pushing through leadership changes and a stronger focus on fossil fuel investments; the board voted unanimously to approve the removal. » Altro su finanzen.net

Oil major BP has relieved Albert Manifold of his duties as chairman of the board with immediate effect, citing “unacceptable” failures in corporate governance and behavioural issues. The board expressed “serious concerns” about governance, oversight and conduct and appointed Ian Tyler as interim chair. The announcement sent BP’s shares down by more than nine percent at one point. At the same time, the European Commission approved the sale of the Gelsenkirchen refinery to the Klesch group, while the German economics ministry has opened a review. » Altro su spiegel.de

The European Commission sees no competition law concerns over BP’s sale of the Gelsenkirchen refinery to the Klesch group. The integrated complex processes around twelve million tonnes of crude oil per year and employs about 1,800 people. BP plans to complete the sale in the second half of 2026, and according to the report the Federal Ministry for Economic Affairs is also reviewing an investment screening of the acquisition. » Altro su finanzen.net