BP CFO may avoid mandatory retirement noose
Byron Grote’s reign as CFO at the oil giant was in the balance, as rumours of a boardroom reshuffle hung in the air after chief executive Lord Browne, 58, announced he would step down in July
The company has separately been facing controversy this week with the launch
of a report into the
at its Texas City oil refinery.
The departure of Grote, who is the same age as Browne, had been expected at a
similar time to that of the chief executive. ‘We expected the Browne and Grote
twosome to go together’ said Peter Hitchens of Teather and Greenwood.
But BP sources indicated
that different rules could apply to both of them.A
BP spokesman said his
nationality could mean he will stay on. ‘He’s from the US and I don’t think
there’s a formal retirement age under US rules.’