BP chairman to step down

Published October 20, 2017

LONDON: British energy major BP said on Thursday that chairman Carl-Henric Svanberg has decided to step down after a spell of almost eight years which included the devastating Gulf of Mexico oil spill disaster.

The 65-year-old Swede “has informed the company’s board of directors of his intention to retire as chairman”, BP said in a statement. He will stay in the post until a replacement is found.

Svanberg became chairman in January 2010 — shortly before the Deepwater Horizon oil rig exploded in April of the same year in the Gulf of Mexico.

The blast killed ten men off the coast of Louisiana and caused 134 million gallons (507 million litres) of oil to spew into Gulf waters, sparking the worst environmental catastrophe in US history.

As chairman, Svanberg has also helped guide the company through a precipitous plunge in world oil prices. “It has been a tremendous privilege to lead the BP board over the past eight years. I am proud of the achievements of the management and the company in that time,” said Svanberg, who is one of Sweden’s top business executives.

Published in Dawn, October 20th, 2017

Opinion

Editorial

‘Source of terror’
29 Mar, 2024

‘Source of terror’

ALTHOUGH dealing with the presence of terrorist groups in Afghanistan is a major political, security and strategic...
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...