Saturday, September 09, 2006

Gaffes prompt re-examination of BP CEO's record - Yahoo! News:

"LONDON (Reuters) - A series of scandals at oil giant BP Plc's U.S. operations, has shaken investors' faith in its head John Browne and prompted some to re-examine the record of a man often rated among the world's most respected CEOs.

Revelations of sloppy maintenance at key oil pipelines in Alaska, investigations into alleged manipulation of fuel markets and a string of fatal accidents at a Texas refinery have acutely embarrassed a company which has spent hundreds of millions of dollars cultivating a green, ethical image.

The troubles have also hit London-based BP's shares. The premium rating BP stock enjoyed to the sector has evaporated in the past several months, analysts said.

Browne's personal reputation has also taken a drubbing.

Until recently he was one of the world's most admired CEOs. In 2001 British Prime Minister
Tony Blair gave him the honorific title 'Lord Browne of Madingley' and appointed him to the UK's upper house of parliament.

His early recognition of the dangers of global warming endeared Browne to environmentalists. He sits on the board of environmental group Conservation International.

The takeover of rivals cheaply in the late 1990s when oil was at rock bottom, and a gutsy move into Russia in 2003, buying 50 percent of TNK, led him to be seen as a "

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