TNK-BP outgoing CEO Robert Dudley leaves the office of Russia's Migration Service, July 18, 2008. Dudley has filed resignation, the company's news service reported December 1, 2008.
Photo: Viktor Poljakov
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Robert Dudley Stepped Down
TNK-BP outgoing CEO Robert Dudley has filed resignation, the company’s news service reported.
“I depart TNK-BP after more than five challenging and immensely satisfying years building and leading this unique and progressive Russian oil major”, Robert Dudley said as quoted by the TNK-BP’s web. “I wish the new management team every success in continuing the company’s development.”
Dudley’s resignation was foredoomed in September, when Russia’s and nonresident holders sealed an understanding memorandum spelling out, amid other things, that Dudley would vacate the office till the year-end.
The holders will agree on the candidate of future CEO on December 1. According to October reports, amid the candidates are Denis Morozov, ex-general director of GMK Norilsk Nickel, Rosneft Vice President Peter O’Brian and Pyotr Golitsyn, ex-CEO of BASF Russia and today’s chairman of TMK IPSCO BOD.
Meanwhile, Tim Summers is the incoming CEO. “It is vital that the transition is effected smoothly and seamlessly. I will focus on closing out our strong performance in 2008 and in setting our business plan for next year in this difficult business environment,” Summers said.
AAR Consortium of Russia’s holders and the holders from BP had been clashing for the TNK-BP’s control since May of 2008. The parties eventually agreed September 4, 2008, once BP yielded to nearly all requirements of AAR.
Under the memorandum, TNK-BP may take part in the overseas projects and even carry out the IPO for the stake of up to 20 percent. TNK-BP will have a new CEO, and BP and AAR will have four seats in the BOD each, while three more seats will go to the independent directors.
www.kommersant.com
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