SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 12 January 2007
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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January 12, 2007
BP ANNOUNCES LORD BROWNE SUCCESSION PLAN
BP announced today 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 is pleased to announce that Tony Hayward, currently BP's head of
exploration and production, will succeed Lord Browne following his retirement as
group chief executive.
Peter Sutherland, BP's chairman, said: "John Browne is the greatest British
businessman of his generation and has transformed BP into one of the biggest
energy groups in the world. His performance over the past 12 years has been
extraordinary, which is no doubt why he has constantly been named by his fellow
CEOs 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 act
to follow.
"Last summer, John and I had agreed that he would stay as CEO until the end of
2008. John decided that it would be in the company's interest to name a
successor now in order to provide an orderly transition. Having made that
decision, which the board fully supports, we came to the conclusion that a six
month handover would be more appropriate than 18 months.
"It is a testament to John's managerial skill that BP is blessed with having
such an impressive managerial top bench to choose from and John and I are
delighted to be able to announce that Tony Hayward will be succeeding him from
August 1, 2007. Tony has an excellent track record and extensive knowledge of
the sector and will be able to draw on John's wealth of knowledge over the next
six months."
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 GBP104.6 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.
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. We
clearly have important issues still to deal with which I am determined to
address. I am pleased that Peter and I have been able to work together to
develop a successor in Tony in whom I have every confidence."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 12 January 2007 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary