Biz people: BP chief Browne to retire early

BP Plc Chief Executive John Browne (right) will step down at the end of July, 17 months earlier than planned, the oil giant said, ending months of uncertainty about the leadership of the company.

Browne, will be succeeded as CEO by Tony Hayward, one of the favorites for the position, who is currently head of the exploration and production unit, BP's core division.

Analysts said the move follows a spat between Browne and chairman Peter Sutherland last year, when Sutherland pressed Browne to name a firm date for his retirement, originally expected in early 2008.

Browne, who was credited with turning a troubled BP in the early 1990s into one of the most respected companies in the industry, announced last July that he would leave at the end of 2008.

Browne joined BP in 1966 and was appointed CEO in 1995, after previously running the exploration and production (E&P) division.

He led a round of industry consolidation with the takeovers of US oil companies Amoco and ARCO in the late 1990s .

(China Daily 01/16/2007 page16)