BP chief expected to step down


The chief executive of BP, Lord Browne, is expected to step down this week, according to newspaper reports.

Ahead of second-quarter results at Europe's biggest energy group, chairman Peter Sutherland is reportedly bidding to let the peer go at 60, in line with BP's retirement policy

Lord Browne of Madingley, now aged 58, has been asked to make a statement pledging to stand down in two years' time.

However, The Business says Lord Browne has refused the offer.

Two of BP's biggest shareholders, Legal & General and Fidelity, are keen for the peer to stay at the helm beyond the official retirement age, according to the newspaper.

Lord Browne has been chief executive for more than 11 years.

According to the Telegraph, the list of possible successors includes Tony Hayward, head of exploration and production at BP, and Bob Dudley, who oversees Russian joint venture TNK-BP.

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