BP shares fell after the company ousted Chairman Albert Manifold over governance and conduct concerns, adding to years of executive upheaval.

BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.”

Oil giant BP has removed its chairman Albert Manifold with immediate effect over concerns including "bullying" and "overbearing" behaviour by him, the BBC understands. The company said in a statement that his dismissal was a result of "serious concerns" related to "important governance standards,

BP has dismissed its chairman Albert Manifold less than a year since he was appointed to the role, after “serious concerns” were raised about “governance standards, oversight and conduct,” the oil giant said Tuesday.

Senior independent director Amanda Blanc says the board has been "surprised and disappointed" to learn of the issues.

BP removed board chair Albert Manifold on Tuesday, citing "serious concerns" about "governance standards, oversight and conduct." Why it matters: BP has lost its CEO and now its board chair in the span of six months,

BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.” The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position late last year.

BP removed Chairman Albert Manifold effective immediately after the board raised concerns tied to governance and conduct.