CEO Retiring Early at Problem-Plagued BP

By Bloomberg, AP and Staff Reports

BP’s top executive is stepping down more than a year ahead of schedule after a series of high-profile events — including a deadly refinery blast in Texas and a giant oil spill in Alaska — tarnished the oil giant’s image.

London-based BP PLC said Friday that CEO John Browne, 58, will be succeeded by Tony Hayward, the head of exploration and production, on Aug. 1.

Browne joined the company in 1966 and worked his way up, taking the top job in 1995. He then attempted to fashion BP as an environmentally friendly oil company.

Browne was the first major petroleum CEO to acknowledge global warming. He masterminded BP’s logo change from a shield to a flowerlike sunburst design, and the slogan “Beyond Petroleum.”

But his tenure was undermined by the company’s recent U.S. troubles.

Last year, BP was forced to temporarily close some of its operations at the Prudhoe Bay oil field in Alaska because of a major pipeline spill. Also, BP delayed the opening of its key Thunder Horse platform in the Gulf of Mexico.

In 2005, an explosion at the BP refinery in Texas City killed 15 workers. The accident so far has cost the company about $2 billion in compensation payouts, repairs and lost profits.

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