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TNK-BP Shareholders Agree on CEO Succession Plan

TNK-BP BP and the Alfa-Access-Renova (AAR) consortium have agreed a succession plan to appoint a new independent chief executive officer (CEO) of TNK-BP by the end of the year.

The TNK-BP board of directors unanimously supported the appointment of two experienced executives to senior positions in TNK-BP. Each has the credentials to become the new CEO.

The first is Pavel Skitovich, formerly a member of the executive board of Russian private investment firm, Interros and former general director of Polyus Gold Mining Group. The second, Maxim Barsky, will join TNK-BP from West Siberia Resources where until 2008 he served as a managing director and is currently a board member.

At the request of BP, and to observe the requirement of the revised shareholder agreement signed in January that the CEO be a Russian speaker with extensive Russian business experience, Mikhail Fridman, Chairman of the TNK-BP Board of Directors has agreed to serve as the interim CEO and executive chairman of the board during this period.

Tim Summers, who has been acting CEO since January, will resume his role as chief operating officer (COO) responsible for the day-to-day operations of the company. Both sets of shareholders acknowledged TNK-BP's strong performance in the six months Tim Summers has been interim CEO.

Commenting on the plan, Mikhail Fridman said: "I am very pleased that we have recruited two such talented executives to TNK-BP. Both Mr. Skitovich and Mr. Barsky bring valuable experience to our company, and AAR believes that they are both excellent candidates for the CEO position."

"I am happy to help in the interim and comfortable that day-to-day operations will remain in the capable hands of the current management team," Fridman added.

BP Group CEO Tony Hayward said that he was pleased all the shareholders had agreed the transition plan: "I am also very pleased that in the interim the existing management team, which has delivered such exceptional performance, will remain in place."

The revised shareholder agreement, signed by BP and AAR in January 2009, provides mechanisms to maintain a balance of authority within TNK-BP to protect the interests of all shareholders.

Posted 28/05/09

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