Lord Browne to leave his position as the CEO of BP

Lord Browne has made up his mind that he would be leaving his position as the CEO of the BP and he is expected to use the company’s half-year results release to make this official. Browne would turn 60 in 18 months time and that is when he is expected to leave the company.

Market sources now claim that Peter Sutherland, chairperson of BP is now looking at options outside the company to find a suitable replacement for Browne.

Lord Browne himself is expected to reveal some names of his choice from inside to company to replace him when he retires. A BP spokesperson said in a statement: “Lord Browne will advise, but it will be the choice of the board.”

The company also somewhat confirmed that the chairman had a duty to “benchmark” internal candidates against other industry executives as part of the selection process.

Some of the potential replacements for him are rumored to be Tony Hayward, the head of exploration and production at BP, and Bob Dudley, who runs its Russian joint venture TNK-BP.

Iain Conn, 43, who manages the group’s internal functions, John Manzoni, 46, who heads the oil products division, and David Allen, 51, group chief of staff are also said to be in the running.