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.
Showing posts with label Carl-Henric Svanberg. Show all posts
Showing posts with label Carl-Henric Svanberg. Show all posts
Friday, August 27, 2010
Saturday, July 3, 2010
Will BP (NYSE:BP) Replace Hayward, Svanberg Once Gulf Leak Stopped?
A rumor from the Financial Times says BP (NYSE:BP) may have plans to remove Chairman Carl-Svanberg and Chief Executive Officer Tony Hayward once the Gulf oil leak is stopped.
Citing unnnamed and unidentified shareholders, it can hardly be considered credible, even if it is highly likely it will happen, at least in the case of Hayward.
It doesn't take much insight to conclude Hayward didn't perform particularly well during these crisis for BP, specifically in the public relations department. So we'll continue to hear these types of assertions reported in the media, possibly in the hopes of it becoming a self-fulfilling prophecy if it's repeated enough.
What's more important for shareholders and those interested in BP is the quarterly report to be released on July 27, which may give the most accurate figures as to how much the company will be liable for the oil spill.
At that time there could be a more accurate count of how much oil is actually leaking into the Gulf, which in turn would give a better overall picture of how much the company could have to pay.
For now it's more than a guess than anything else, and numbers have been thrown out far apart from one another, which shows those putting them out there are as clueless as anybody else.
Citing unnnamed and unidentified shareholders, it can hardly be considered credible, even if it is highly likely it will happen, at least in the case of Hayward.
It doesn't take much insight to conclude Hayward didn't perform particularly well during these crisis for BP, specifically in the public relations department. So we'll continue to hear these types of assertions reported in the media, possibly in the hopes of it becoming a self-fulfilling prophecy if it's repeated enough.
What's more important for shareholders and those interested in BP is the quarterly report to be released on July 27, which may give the most accurate figures as to how much the company will be liable for the oil spill.
At that time there could be a more accurate count of how much oil is actually leaking into the Gulf, which in turn would give a better overall picture of how much the company could have to pay.
For now it's more than a guess than anything else, and numbers have been thrown out far apart from one another, which shows those putting them out there are as clueless as anybody else.
Friday, June 18, 2010
BP (NYSE:BP) CEO Replaced in Cleanup Role
BP (NYSE:BP) CEO Tony Hayward was replaced in his role of oversight of the Gulf cleanup effort of the company.
Replacing Hayward will be a BP managing director from the U.S., Robert Dudley. Dudley, while overseeing the cleanup, will still report to Hayward who retains his CEO role.
The seemingly introverted Hayward, with the usual British sense of detachment, wasn't a good fit in the emotionally-charged atmosphere, where it appearance of lack of concern was always in the background of whatever he did or said.
BP Chairman Carl-Henric Svanberg announced the decision in an interview with Sky News of Britain, where he said about Hayward and his decision, "It is clear Tony has made remarks that have upset people."
Replacing Hayward will be a BP managing director from the U.S., Robert Dudley. Dudley, while overseeing the cleanup, will still report to Hayward who retains his CEO role.
The seemingly introverted Hayward, with the usual British sense of detachment, wasn't a good fit in the emotionally-charged atmosphere, where it appearance of lack of concern was always in the background of whatever he did or said.
BP Chairman Carl-Henric Svanberg announced the decision in an interview with Sky News of Britain, where he said about Hayward and his decision, "It is clear Tony has made remarks that have upset people."
Monday, June 14, 2010
Obama Lynching BP (NYSE:BP)?
Is the response of Obama and the Democrats going to end up destroying BP (NYSE:BP)? Some industry watchers think that is exactly what's happening, and have went so far as to call it a "lynch mob mentality."
Fadel Gheit at Oppenheimer & Co. in New York, said this, “The government has a lynch mob mentality,” said. It’s in nobody’s interest to bankrupt BP, but that’s what Obama is doing right now. Crippling BP is not going to make them clean the spill better.”
In that atmosphere, BP Chairman Carl-Henric Svanberg will visit the White House this week, while the day after, BP CEO Tony Hayward will testify before Congress concerning the disaster.
Some of the outrage from the opposite point of view is the notion BP should be forced to pay for the wages of workers that lost their jobs because of Obama's moratorium on drilling for oil in the region.
That, and Obama and the Democrats trying to force BP to suspend or eliminate their dividend is part of the lynch mob mentality that could end up driving the company to bankruptcy.
Fadel Gheit at Oppenheimer & Co. in New York, said this, “The government has a lynch mob mentality,” said. It’s in nobody’s interest to bankrupt BP, but that’s what Obama is doing right now. Crippling BP is not going to make them clean the spill better.”
In that atmosphere, BP Chairman Carl-Henric Svanberg will visit the White House this week, while the day after, BP CEO Tony Hayward will testify before Congress concerning the disaster.
Some of the outrage from the opposite point of view is the notion BP should be forced to pay for the wages of workers that lost their jobs because of Obama's moratorium on drilling for oil in the region.
That, and Obama and the Democrats trying to force BP to suspend or eliminate their dividend is part of the lynch mob mentality that could end up driving the company to bankruptcy.
Friday, June 4, 2010
BP (NYSE:BP) CEO Says Company Can Handle Rising Costs
BP (NYSE:BP) CEO Tony Hayward said in a conference call with shareholders that the company has "considerable firepower" to deal with the short-term and long-term costs associated with the Gulf oil spill.
Hayward noted however the costs the company will have to face will be deep and extend over a long period of time.
Speaking on rebuilding the reputation of the company, BP Chairman Carl-Henric Svanberg said this, "We will meet our obligations both as a responsible company and also as a necessary step to rebuilding trust in BP as a long term member of the business communities in the US and around the world. This is in the interest of all our stakeholders."
The complexity of BP in the spill is recognized in the concerns of all involved, as many aren't taking into the consideration the consequences of pension fund savers in the UK and elsewhere which are heavily invested in the oil company, and are also being devastated by the tragedy as the company loses billions in value.
Hayward noted however the costs the company will have to face will be deep and extend over a long period of time.
Speaking on rebuilding the reputation of the company, BP Chairman Carl-Henric Svanberg said this, "We will meet our obligations both as a responsible company and also as a necessary step to rebuilding trust in BP as a long term member of the business communities in the US and around the world. This is in the interest of all our stakeholders."
The complexity of BP in the spill is recognized in the concerns of all involved, as many aren't taking into the consideration the consequences of pension fund savers in the UK and elsewhere which are heavily invested in the oil company, and are also being devastated by the tragedy as the company loses billions in value.
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