BP PLC — Board/Management Information 2007

Jan 12, 2007

News Details

Ad-hoc | 12 January 2007 18:47

BP p.l.c.: CEO Succession Plan

BP p.l.c. / Miscellaneous

Ad hoc announcement according to § 15 WpHG transmitted by DGAP - a company
of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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January 12, 2007

BP ANNOUNCES LORD BROWNE SUCCESSION PLAN

BP announced today that after more than a decade in the CEO role Lord
Browne has decided to retire as chief executive at the end of July 2007.

The board is pleased to announce that Tony Hayward, currently BP’s head of
exploration and production, will succeed Lord Browne following his
retirement as group chief executive.

Peter Sutherland, BP’s chairman, said: 'John Browne is the greatest British
businessman of his generation and has transformed BP into one of the
biggest energy groups in the world. His performance over the past 12 years
has been extraordinary, which is no doubt why he has constantly been named
by his fellow CEOs as the most impressive businessman in Britain. His
vision, intellect, leadership and skill have been a wonder to behold and he
will be a difficult act to follow.

'Last summer, John and I had agreed that he would stay as CEO until the end
of 2008. John decided that it would be in the company’s interest to name a
successor now in order to provide an orderly transition. Having made that
decision, which the board fully supports, we came to the conclusion that a
six month handover would be more appropriate than 18 months.

'It is a testament to John’s managerial skill that BP is blessed with
having such an impressive managerial top bench to choose from and John and
I are delighted to be able to announce that Tony Hayward will be succeeding
him from August 1, 2007. Tony has an excellent track record and extensive
knowledge of the sector and will be able to draw on John’s wealth of
knowledge over the next six months.'

During Lord Browne’s tenure as the chief executive of BP he has presided
over a fivefold increase in the company’s market capitalisation to £104.6
billion and profits to $22.3 billion; while the share price has gone up
around 250 per cent to 532 pence and earnings per share have gone up over
600 per cent.

Lord Browne said: 'It has been a privilege to have had the opportunity to
turn BP into an international company at the forefront of the energy
industry. We clearly have important issues still to deal with which I am
determined to address. I am pleased that Peter and I have been able to
work together to develop a successor in Tony in whom I have every
confidence.'

DGAP 12.01.2007

Language: English
Issuer: BP p.l.c.
1 St James's Square
SW1Y 4PD London Großbritannien
Phone: +44 (0) 207-496-4000
Fax: +44 (0) 207-496-4570
E-mail: ir@bp.com
WWW: www.bp.com
ISIN: GB0007980591
WKN: 850517
Indices:
Listed: Amtlicher Markt in SWX; Freiverkehr in Berlin-Bremen,
Stuttgart, München, Hamburg, Düsseldorf; Open Market in
Frankfurt

End of News DGAP News-Service

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