BP has removed its chair, Albert Manifold, with immediate effect following what the board described as serious concerns relating to governance standards, oversight and conduct.

The oil and gas giant did not disclose specific details regarding the issues raised, but said the concerns were significant enough to require immediate action.

The decision was unanimous, with the board confirming that Manifold, who assumed the role in October, would no longer serve as either chair or director of the company.

In a statement, senior independent director at BP, Amanda Blanc, said the board was "surprised and disappointed to learn of governance oversight and conduct issues" which it deemed unacceptable, leading it to take "decisive action."

The board has now appointed Ian Tyler as interim chair with immediate effect while a formal succession process for a permanent replacement begins.

"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."

BP shares fell between 4.9% and 9% in early trading following the announcement.

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