PracticeConsultingExclusive – Amoco FD quits following merger bid

Exclusive - Amoco FD quits following merger bid

BP's chief financial officer prevails over Amoco CFO John Carl in race for merged position. Lawrie Holmes reports.

BP’s chief financial officer John Buchanan has secured the top finance job in the BP-Amoco merger at the expense of Amoco’s chief financial officer John Carl.

Carl, 50, said he decided to leave the company in the two-month run-up to last week’s announcement of the largest merger in corporate history. He said BP’s chief executive Sir John Browne had offered him an attractive package, including a move to London, which he had to reject because of family commitments. He said: ‘I found that disappointing.’

But Carl added that he expected the BP-Amoco merger to have a ‘bright, bright future’. He said the main ambition of the new company is to achieve yearly cost savings of $2bn (#1.2m). ‘By the end of next year we expect savings of $500m (#308m) a quarter.’

Carl held the top finance position in Amoco since 1994. Before that, he was senior vice president, finance and control. Previously he was with National Computer Systems, Kraft and American Hospital Supply.

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