BP: British On-the-dole-again

Posted by Bess Levin, May 11, 2007, 11:59am

lordebrownREX0105_228x366.jpgLord Browne is out as a director of Goldman Sachs. The former BP chief, who’d been on the board since 1999, resigned yesterday, perhaps uncomfortable with the public revelations of his lying to a high court over how he met his boyfriend Jeff Chevalier, and the company funds his lavished on him. While Goldman typically touts the Victorian line when it comes to its employees, Lloyd Blankfein offered some kind words toward Browne (though it was unclear if his comments were drafted after he’d been assured the little “PR problem” would be going away). Said Blankfein:

Lord Browne has made an enormous contribution to Goldman Sachs and our culture of teamwork, excellence and client service. He has approached every issue with extraordinary business acumen and an absolute commitment to the firm’s success. His ability to identify and deal with the important issues affecting our business and our people has helped guide this institution since we became a public company.

And in an open letter in last week’s Financial Times, 67 senior execs from various companies, including Lazard’s Wasserstein and Reuters’s Glocer showed their support for Browne, or “got behind him,” as Dealbook noted. (We kid...we kid the DealBookies... but not really since they did say that. Beat us to the punch, scamps).

Meanwhile, new BP chief exec Tony Hayward is already off to a great start, despite coming under fire for two accidents at the Prudhoe Bay oilfield in Alaska, that happened on his watch (before the promotion). The findings will be puflished in Congress next week as part of an investigation into a “massive oil spill and production cutbacks” at Prudhoe Bay, which sounds quite similar to the findings in BP’s Texas City refinery blast, which The Guardian notes “scarred the image of the company.”

BP said it will not comment on the reports until they’re published next week, and after politicians raise their questions. Nipping things in the bud is really not their style.

Lord Browne resigns from Goldman Sachs [The Guardian]
Open Letter: Lord Browne - an immense contribution to business and arts [Financial Times]
Former BP Chief Quits Goldman’s Board [DealBook]

SAB?

brownesab.jpg
Lord Browne, Captain of the Entertprise, Tim Allen, Thomas Edison, Ariel Sharon

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Posted in: BP, London, Lord Browne

Comments

Posted by Felix, May 11, 2007 1:02PM

Um, what compnay funds did John Browne "lavish" on Jeff Chevalier?

Posted by Let's see, Felix, May 11, 2007 1:14PM

"What compnay [sic] did John Browne "lavish" on Jeff Chevalier?"

Let's see:

+BP resources were diverted for Mr. Chevalier's use, and he was given computers and technical support staff while a company was set up for him involving BP personnel (Lord Browne is said to have helped set up a company for him to trade in mobile phone ring-tones, with Lord Browne and another executive from BP as directors.)

+A senior member of BP staff was tasked with running personal errands for Lord Browne, including delivering cash to his former lover.

+The BP chief paid for Mr. Chevalier's studies, as well as a large sum over their four years together.

http://www.thisislondon.co.uk/news/article-23394621-details/BP%20chief%20lied%20over%20affair%20with%20gay%20lover/article.do

Posted by anon, May 11, 2007 1:25PM

Boring. That's not "lavish"! Cut the hyberbole. I think it's funny someone would set up a company to trade in mobile phone ring-tones. WTF?! That's like my colleagues and I setting up a firm to trade in farts.

Posted by Felix, May 11, 2007 1:36PM

all these allegations were looked into by Peter Sutherland, no less, and found to be either utterly baseless or of no real substance. You know what the allegations are, you have no idea if they're true. But even if they are true, they don't amount to much. A bit of technical support, and sending a messenger on a personal errand? Most executives do things along those lines with some regularity. After all, their time is hugely valuable to the company, and the company would much rather that the CEO's time be spent on company business rather than on trivial personal business.

As for what Browne personally spent on his boyfriend, that is NOT company funds, and is no concern of shareholders.

Posted by Lord Browne Supporter, May 11, 2007 1:46PM

It's very unfortunate that Lord Browne's business career has taken such a hit over such a trivial offense as lying about where he met his boyfriend. His personal life and sexual orientation are of no consequence to business-related issues.
This is just as ludicrous as the public outcry after Clinton lied about receiving a blowjob from Lewinsky! Who gives a fuck! He was a great president who did his job exceptionally well and that is what people should focus on, not the juicy gossip.
Even a chief executive met his beau off of the Craigslist casual encounters site and said it was through a respectable matchmaker, who cares!

Posted by Anonymous, May 11, 2007 1:48PM

anon, the government will give you subsidies for trading such a green biofuel.

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