TNK-BP Shuffles CEO Management

TNK-BP announced that it had received the resignation of its founding President and CEO, Robert Dudley, in accordance with the memorandum of understanding (MOU) between Alfa Access-Renova and BP in early September. Dudley's resignation is effective from today, December 1st.

TNK-BP also announced the appointment of Tim Summers as interim CEO in addition to his current duties as the company's Chief Operating Officer. Summers is appointed Chief Executive until the appointment and commencement of a new non- affiliated CEO as agreed by the shareholders.

The appointment of a new CEO is currently being progressed by the company's shareholders as are changes to the charters and Boards of Directors of TNK-BP Holding and TNK-BP Management, together with attendant ancillary matters.

"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 stated. "I wish the new management team every success in continuing the company’s development."

Incoming CEO Tim Summers noted, "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."