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BP chief executive Browne resigns BP chief executive Browne resigns
(10 minutes later)
Oil giant BP's chief executive Lord John Browne has resigned from his post with immediate effect. The chief executive of oil giant BP, Lord John Browne, has resigned from his post with immediate effect.
Lord Browne said he had stepped down to save BP from embarrassment over the news that he is gay and had had a four year relationship with Jeff Chevalier. Lord Browne said he had stepped down to save BP from embarrassment after a newspaper won a court battle to print details of his private life.
As a result of the decision Lord Browne will lose at least £3.5m of his retirement package - and possibly a further £12m, BP said in a statement. He added that statements he had made in legal documents about a four year relationship with Jeff Chevalier had been "untruthful".
Lord Browne had planned to step down from the company in July.Lord Browne had planned to step down from the company in July.
He will be replaced by his nominated successor Tony Hayward.He will be replaced by his nominated successor Tony Hayward.
As a result of the decision, Lord Browne will lose at least £3.5m of his retirement package - and possibly a further £12m, BP said in a statement.
BP said it had accepted Lord Browne's resignation with "deepest regret".BP said it had accepted Lord Browne's resignation with "deepest regret".
'Private life''Private life'
"'In my 41 years with 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," Lord Browne said in a statement."'In my 41 years with 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," Lord Browne said in a statement.
"It is a matter of deep disappointment that a newspaper group has now decided that allegations about my personal life should be made public.""It is a matter of deep disappointment that a newspaper group has now decided that allegations about my personal life should be made public."
He confirmed that he did have a relationship with Mr Chevalier who had now decided to tell his story to Associated Newspapers - owners of the Mail on Sunday.He confirmed that he did have a relationship with Mr Chevalier who had now decided to tell his story to Associated Newspapers - owners of the Mail on Sunday.
However, he added: "These allegations are full of misleading and erroneous claims. In particular, I deny categorically any allegations of improper conduct relating to BP."However, he added: "These allegations are full of misleading and erroneous claims. In particular, I deny categorically any allegations of improper conduct relating to BP."
BBC Business Editor Robert Peston called the resignation a "sad end to what was, until recently, a distinguished career".BBC Business Editor Robert Peston called the resignation a "sad end to what was, until recently, a distinguished career".
He added that there probably were bigger blows to Lord Browne's reputation, such as an explosion at the Texas refinery that killed BP workers and led to stinging criticism of the firm. He added that there probably were bigger blows to Lord Browne's reputation, such as an explosion at the Texas refinery that killed BP workers and led to stinging criticism of the firm. Lord Browne had been at the helm of the company for more than a decade, however in recent months he had come under fire over the company's safety culture and his huge retirement package.
Lord Browne had been at the helm of the company for more than a decade, however in recent months he had come under fire over the company's safety culture and his huge retirement package.
Lord Browne had been due to leave BP with a £5.3m pay-off in July and a £21.7m pension, as well as millions of pounds in shares due under the incentive plan - a move many investors opposed.Lord Browne had been due to leave BP with a £5.3m pay-off in July and a £21.7m pension, as well as millions of pounds in shares due under the incentive plan - a move many investors opposed.
Because of his decision to leave the firm early he will forfeit a significant chunk of those earnings.Because of his decision to leave the firm early he will forfeit a significant chunk of those earnings.