BP CEO Steps Down

Law360, New York (May 1, 2007, 12:00 AM EDT) -- BP CEO Lord John Browne resigned from his post on Tuesday after losing a court battle to prevent a British newspaper from releasing reports that he lied about his sexuality and exhibited corporate favoritism.

Browne, who spent 41 years at the company, was due to step down in the summer, but said that he would resign now to “avoid unnecessary embarrassment and distraction” to BP.

His designated successor, executive director Tony Hayworth, will take over immediately.

Browne had been fighting in courts since January to stop...
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