Friday, August 27, 2010

BP (NYSE:BP) Preparing for Board Changes

There are several changes coming to the Board of Directors of BP, with one of them being financial director Byron Grote, and two other non-directors chairman Carl-Henric Svanberg wants to add to the board.

Outgoing CEO Tony Hayward will remain on the board until the latter part of November.

The company will miss Byron Grote, who has been in the industry for over 30 years. He was added to the board of BP in 2000, and moved up to chief financial officer in 2002.

Grote, who earned a PHD in quantitative analysis at Cornell University, is considered one of the more solid members of the board, and last year had his contract extended even as he approached retirement age.

BP is looking internally to replace him.

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