BP CEO, John Browne, regarded as on of Britain’s leading business figures, has resigned after the revocation of a court injunction exposing details of his private life.
Several reports including those from CBS MarketWatch, BBC news, The Wall Street Journal, and the Street.com said the injunction barred The Daily Telegraph from printing stories about Browne’s sexual orientation.
BP said in a statement, that Tony Hayward is the new CEO of BP as of Tuesday effective immediately.
Browne also admitted in a statement that he was involved in a four-year relationship with Jeff Chevalier; however, he refuted claims of Chevalier’s limited use of BP company assets.
The Telegraph itself says Browne leaves a glittering career, after 41 years at the same company, dressed only in the rags of personal disgrace and professional ignominy.
“It’s an astonishing fall for a businessman who, in 1998, masterminded one of the greatest deals of the 20th century, when BP paid $48 billion for US rival, Amoco. At the time, crude oil was selling at $10 a barrel. Its subsequent rise to $70 delivered many billions in profit for Browne’s shareholders,” reported The Telegraph