BP Announces Lord Browne Succession Plan
that after more than a decade in the CEO role Lord Browne has decided to retire as chief executive at the end of July 2007. The board announced that Tony Hayward, currently BP's head of exploration and production, will succeed Lord Browne following his retirement as group chief executive.
During Lord Browne's tenure as the chief executive of BP he has presided over a fivefold increase in the company's market capitalisation to £104.6 billion and profits to $22.3 billion; while the share price has gone up around 250 per cent to 532 pence and earnings per share have gone up over 600 per cent.
Tony Hayward was appointed to the main board of BP in 2003, becoming chief executive officer of BP's exploration and production segment responsible for the group's assets and operational activities relating to the discovery and production of hydrocarbons. He joined BP in 1982 and, following a series of technical and commercial roles in BP Exploration in London, Aberdeen, France, China and Glasgow, in 1992 he moved to Colombia as exploration manager. In 1995 he became president of the BP group in Venezuela. In 1997 Dr Hayward returned to London as a director of BP Exploration and following the merger of BP and Amoco, in 1999 he became a group vice president and a member of the upstream executive committee. He was appointed group treasurer in 2000 where his responsibilities included global treasury operations, corporate finance and mergers and acquisitions. He was appointed an executive vice president in 2002 becoming chief operating officer for exploration and production later that year. He is a non-executive and senior independent director of Corus Group, was appointed Companion of the Chartered Management Institute in September 2005 and was a member of Citibank's Advisory Board between 2000 and 2003.
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