12th Jan 2007 16:49
BP PLC12 January 2007 The following replaces the CEO Succession Plan anncounement released today at16:10 under RNS number 4713P. Lord Browne has decided to retire as chief executive at the end of July 2007,and not June 2007 as previously stated. And, Tony Hayward will be succeeding Lord Browne from August 1, 2007, and notJuly 1, 2007 as previously stated. All other details remain unchanged, and thefull replacement annoncement appears below. January 12, 2007 BP ANNOUNCES LORD BROWNE SUCCESSION PLAN BP announced today that after more than a decade in the CEO role Lord Browne hasdecided to retire as chief executive at the end of July 2007. The board is pleased to announce that Tony Hayward, currently BP's head ofexploration and production, will succeed Lord Browne following his retirement asgroup chief executive. Peter Sutherland, BP's chairman, said: "John Browne is the greatest Britishbusinessman of his generation and has transformed BP into one of the biggestenergy groups in the world. His performance over the past 12 years has beenextraordinary, which is no doubt why he has constantly been named by his fellowCEOs as the most impressive businessman in Britain. His vision, intellect,leadership and skill have been a wonder to behold and he will be a difficult actto follow. "Last summer, John and I had agreed that he would stay as CEO until the end of2008. John decided that it would be in the company's interest to name asuccessor now in order to provide an orderly transition. Having made thatdecision, which the board fully supports, we came to the conclusion that a sixmonth handover would be more appropriate than 18 months. "It is a testament to John's managerial skill that BP is blessed with havingsuch an impressive managerial top bench to choose from and John and I aredelighted to be able to announce that Tony Hayward will be succeeding him fromAugust 1, 2007. Tony has an excellent track record and extensive knowledge ofthe sector and will be able to draw on John's wealth of knowledge over the nextsix months." During Lord Browne's tenure as the chief executive of BP he has presided over afivefold increase in the company's market capitalisation to £104.6 billion andprofits to $22.3 billion; while the share price has gone up around 250 per centto 532 pence and earnings per share have gone up over 600 per cent. Lord Browne said: "It has been a privilege to have had the opportunity to turnBP into an international company at the forefront of the energy industry. Weclearly have important issues still to deal with which I am determined toaddress. I am pleased that Peter and I have been able to work together todevelop a successor in Tony in whom I have every confidence." - ENDS - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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