BP Announces Board Changes

The board of BP announced that Rodney Chase, 59, will retire from the company on April 23, 2003. He will relinquish his role as deputy chief executive with immediate effect but until his retirement will remain on the board as senior advisor to the group chief executive, Lord Browne.

Paying tribute to Mr. Chase, Lord Browne said: 'Over the course of his 38-year career Rodney has made an outstanding contribution to BP. He has played a critical part in all the major developments of recent years that have transformed the company into one of the world's leading energy businesses.'

Richard Olver, 56, succeeds Mr. Chase as deputy chief executive. He will hold accountability for health, safety and the environment, human resources management, marketing, technology and digital business. He will have regional responsibility for Europe (including Russia), the Middle East, Africa and the Americas.

Dr. Tony Hayward, 45, succeeds Mr. Olver as chief executive of Exploration and Production.

The board also announced that it intends to appoint Dr. Hayward, Mr. John Manzoni, 43, chief executive of Refining and Marketing, and Dr. David Allen, group chief of staff, to the board as managing directors of the group with effect from February 1, 2003. Dr. Allen, 48, will be accountable for economics and planning, corporate communications and senior management education.