Peter Sutherland Faces
Tough Task at Oil Titan
After Scandal, Missteps
By CHIP CUMMINS and CARRICK MOLLENKAMP
February 7, 2007; Page C1
LONDON — For years, Peter Sutherland’s most prominent public role as chairman of BP PLC was hosting the company’s annual meeting. But after a run of oil spills, deadly accidents and an energy-trading scandal at BP, the 60-year-old former rugby player has rushed into the scrum.
Last year, the Irish politician and banker forced Chief Executive John Browne to publicly pin down his retirement date. After Lord Browne’s surprise decision last month to depart a year and a half earlier than planned, Mr. Sutherland must now buff BP’s image and manage the company’s first executive-suite transition in more than a decade.
Despite soaring oil prices, its shares rose just 4.5% in 2006, compared with a 36% rise by Exxon Mobil Corp. and 15% at Royal Dutch Shell PLC. Yesterday, the company reported fourth-quarter net income fell 22%, in part reflecting lower production and lower natural-gas prices. read more
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