Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

BP Lord Browne's Immediate Resignation on Losing Court Battle due to Lieing to the Court

Companies / Oil Companies May 01, 2007 - 09:14 PM GMT

By: Phillipa_Green

Companies

In surprising and shocking news earlier today, Lord Browne announced his immediate resignation as BP's Chief Executive. Following the lifting of the court injunction which prevented Associated Newspapers from printing details concerning Lord Browne's private life.

The judge Justice Eady criticised Lord Browne for lieing at the initial injunction hearing concerning the newspaper allegations in January 2007.


The resignation will cost Lord Browne the lucrative share and bonus incentive plan estimated at much as £20 millions. The retirement plan was passed by institutional shareholders at Aprils AGM, and was heavily criticised at the time by many shareholders. BP's Browne steps down with £60 million plus Golden Handshake (12th April 07).

BP was little changed on the news, some 2p lower at 563p, in line with the performance of the broader market.

Lord Browne's full statement :"For the past 41 years of my career at BP I have kept my private life separate from my business life. I have always regarded my sexuality as a personal matter, to be kept private.

It is a matter of personal disappointment that a newspaper group has now decided that allegations about my personal life should be made public.

Legal documents have been disclosed today containing allegations about me and my personal life.

I wish to acknowledge that I did formerly have a four-year relationship with Jeff Chevalier.

He has made these allegations about me and our relationship to Associated Newspapers, publishers of The Daily Mail, Mail on Sunday and Evening Standard.

The allegations are full of misleading and erroneous claims.

I deny categorically any allegations of improper conduct relating to BP.

The company has confirmed today that it has found no such wrongdoing.

My initial witness statements, however, contained an untruthful account about how I first met Jeff.

This account, prompted by my embarrassment and shock at the revelations, is a matter of deep regret. It was retracted and corrected.

"I have apologised unreservedly, and do so again today.

These allegations will result inevitably in considerable media attention for both myself and BP. What matters to me is BP, what we have achieved during my tenure and the bright future ahead.

I have therefore informed the Board of BP that I intend to stand down as group chief executive with immediate effect, rather than retiring at the end of July.

This is a voluntary step which I am making to avoid unnecessary embarrassment and distraction to the company at this important time.

I have spent my entire working life with BP, and want to thank everyone for their dedication, loyalty, support and hard work in creating one of the worlds finest companies.

I shall not be commenting on my personal issues further. I wish to pursue my personal life in private."

By Phillipa Green

(c) MarketOracle.co.uk 2005-2007


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Anon
02 May 07, 18:32

Why is he not being charged with purjury ?


Post Comment

Only logged in users are allowed to post comments. Register/ Log in