 BP CEO Lord John Browne announced that he will retire at the end of July. He will be replaced by Tony Hayward, who currently serves as BP's head of exploration and production. Browne originally planned to remain as CEO until 2008, but decided it would be in the company's best interest to retire early. An independent investigative panel appointed to evaluate BP's safety practices following a fatal accident at a Texas City facility in 2005 determined that Browne was responsible for the company's lack of emphasis on process safety. The report does recognize that since the accident Browne has repeatedly called for the improvement of process safety performance at BP. (See "Independent Report" article in the Companies section.) |
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