BP's CEO Browne to step down in 2008: report
Published: July 24, 2006 2:31 a.m. ET
LONDON (MarketWatch) -- Oil giant BP's BP, -0.18% BP, -0.17% CEO John Browne is set to announce Tuesday that he will step down in 2008 when he reaches the company's retirement age of 60, the Financial Times reported. There has been speculation that Browne would stay beyond the retirement age to help the company through criminal and regulatory investigations in the U.S. But the decision is set to be announced at BP's second-quarter earnings conference, the newspaper reported. Citing people close to Browne, the newspaper said he would not likely try and become chairman of the company because of corporate governance concerns about CEOs becoming chairman of the same company.
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