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Financial Times: Browne quits BP over court revelations

By Carola Hoyos, Chief Energy Correspondent
Published: May 1 2007 15:37 | Last updated: May 1 2007 15:48

Lord Browne resigned from BP on Tuesday following revelations that he had lied to a judge in an attempt to prevent stories about his private life being published by a tabloid newspaper.

BP appointed Tony Hayward as its new chief executive with immediate effect
Lord Browne said in a 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.”

Peter Sutherland, BP chairman, had earlier on Tuesday afternoon discussed with the BP chief executive whether he should step down.

Mr Sutherland had for some time had strained relations with Lord Browne and had already brought forward the chief executive’s retirement date from late 2008 to the end of July 2007.

Copyright The Financial Times Limited 2007

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