This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6256935.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
BP's Browne to stand down in July | BP's Browne to stand down in July |
(about 4 hours later) | |
BP chief executive Lord Browne will step down at the end of July, after 12 years at the helm. | BP chief executive Lord Browne will step down at the end of July, after 12 years at the helm. |
He will be succeeded in the top job by Tony Hayward, who is currently head of exploration and production at BP. | He will be succeeded in the top job by Tony Hayward, who is currently head of exploration and production at BP. |
Lord Browne had said he would retire at the end of 2008, but will now leave 18 months ahead of schedule. | Lord Browne had said he would retire at the end of 2008, but will now leave 18 months ahead of schedule. |
BP chairman Peter Sutherland described the out-going chief executive as "the greatest British businessman of his generation". | |
"His vision, intellect, leadership and skill have been a wonder to behold and he will be a difficult act to follow," he said. | "His vision, intellect, leadership and skill have been a wonder to behold and he will be a difficult act to follow," he said. |
'Privilege' | 'Privilege' |
The decision to announce Lord Browne's successor and move forward the starting date of the new boss would provide "an orderly transition", Mr Sutherland said. | The decision to announce Lord Browne's successor and move forward the starting date of the new boss would provide "an orderly transition", Mr Sutherland said. |
Profile: BP's new boss Tony Hayward | Profile: BP's new boss Tony Hayward |
He added that Mr Hayward had "an excellent track record and extensive knowledge of the sector". | He added that Mr Hayward had "an excellent track record and extensive knowledge of the sector". |
BP shares climbed 1.8% on Friday after the announcement of the succession, as investors welcomed some certainty about the company's future leadership. | BP shares climbed 1.8% on Friday after the announcement of the succession, as investors welcomed some certainty about the company's future leadership. |
Lord Browne of Madingley, to give him his full title, joined BP as an apprentice in 1966. | Lord Browne of Madingley, to give him his full title, joined BP as an apprentice in 1966. |
He was made chief executive of BP in 1995, and last year earned £3.3m plus pension payments. | He was made chief executive of BP in 1995, and last year earned £3.3m plus pension payments. |
Tricky times | Tricky times |
In time at the helm, he has regularly been voted the most impressive businessman by fellow UK bosses. | In time at the helm, he has regularly been voted the most impressive businessman by fellow UK bosses. |
"It has been a privilege to have had the opportunity to turn BP into an international company at the forefront of the energy industry," Lord Browne said. | "It has been a privilege to have had the opportunity to turn BP into an international company at the forefront of the energy industry," Lord Browne said. |
However, he added: "We clearly have important issues still to deal with, which I am determined to address." | However, he added: "We clearly have important issues still to deal with, which I am determined to address." |
Since Lord Browne was made chief executive of BP, the company's market capitalisation has increased five-fold to £104.6bn. Analysts expect profits for 2006 to hit £11.6bn. | Since Lord Browne was made chief executive of BP, the company's market capitalisation has increased five-fold to £104.6bn. Analysts expect profits for 2006 to hit £11.6bn. |
But while earnings soar, the oil giant has not been without problems. | But while earnings soar, the oil giant has not been without problems. |
Its safety measures have been criticised after a blast in March 2005 at its Texas City refinery near Houston killed 15 people and injured 180. | Its safety measures have been criticised after a blast in March 2005 at its Texas City refinery near Houston killed 15 people and injured 180. |
March last year saw 270,000 gallons of crude leak into Alaska's Prudhoe Bay in an oil spill. | March last year saw 270,000 gallons of crude leak into Alaska's Prudhoe Bay in an oil spill. |
And in August, BP had to close half its Alaskan oil field due to severe corrosion along its pipeline there. | And in August, BP had to close half its Alaskan oil field due to severe corrosion along its pipeline there. |
Previous version
1
Next version