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article imageBP Chief John Browne Quits Over Revelations About Sex Life

By malan     May 1, 2007 in Business
John Browne, the aggressive British magnate who transformed BP into one of the most successful global companies, quits after losing a court battle with a tabloid over a story about his sexual relationship with a younger man.
It is being called one of the most humiliating come-downs in British business life and spells the end of Mr. Browne's highly successful career at British Petroleum.
John Browne started working at BP as a university student and over the years rose to a position that allowed him to transform the entire company. His resignation will result in the loss of over $30 million in retirement and stock benefits.
BP is calling his resignation a “tragedy.” We're talking about a man who was once knighted and Prime Minister Tony Blair made him a life peer in 2001 due to the close relationship between the company and the prime minister.
Britain's business world is stunned at the accusations of homosexuality even though the rumor had been buzzing around for some time.
In a statement Mr. Browne said “For the past 41 years of my career at BP I have kept my private life separate from my business life, I have always regarded my sexuality as a personal matter, to be kept private.”
“It is a matter of personal disappointment that a newspaper group has now decided that allegations about my personal life should be made public.”
It is also being talked about in newspapers that Browne could now face charges of perjury and possibly go to jail after he was caught lying in court about circumstances related to his relationship with the younger man, a charge to which he admits full guilt.
“My initial witness statements contained an untruthful account about how I first met Jeff,” Mr. Browne said. “This account, prompted by my embarrassment and shock at the revelations, is a matter of deep regret. It was retracted and corrected. I have apologized unreservedly, and do so again today.”
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