It looks like Lord Browne is smarter than some of his investors. He appears to know that the time has come to hand over the reins to a new pair of hands.
Well done!
Onésimo Alvarez-Moro
See article:
Lord Browne, chief executive of BP, Europe’s biggest energy group, is to announce on Tuesday that he will step down when he reaches the company’s retirement age of 60 in 2008.
The statement, expected at BP’s second quarter earnings conference, would end years of speculation and pave the way for a long-groomed successor.
Lord Browne, one of the UK’s most successful chief executives, turned BP from a failing oil company into Europe’s most successful large energy group and an oil super-major second only to ExxonMobil in market capitalisation.
He shifted BP’s weight to the US by acquiring Amoco and Arco in the late 1990s and became the only oil company executive to orchestrate successfully a major Russian joint venture when he created TNK-BP three years ago.
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