Lord Browne steps down as BP Chief

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Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/h...ss/6612703.stm

BP chief executive Browne resigns The chief executive of oil giant BP, Lord Browne of Madingley, has resigned from his post with immediate effect.

BP said it had accepted Lord Browne's resignation with "deepest regret".

'Private life'

"In my 41 years with 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," Lord Browne said in a statement.

He confirmed that he did have a relationship with Mr Chevalier who had now decided to tell his story to Associated Newspapers - owners of the Mail on Sunday.

High Court judge, Lord Justice Eady said that he was not allowed to make allowances for the "white lie" told by Lord Browne.

Under fire

BBC Business Editor Robert Peston called the resignation a "sad end to what was, until recently, a distinguished career".

BP chairman Peter Sutherland said that a review into allegations that company assets and resources had been abused were "unfounded or insubstantive".

The Mail on Sunday said that it was Lord Browne who had "made his private life a public issue" by lying in court.

"We would like to reiterate that the story we originally sought to publish was a business story involving issues of great importance to shareholders and employers of BP," the paper said.

Shares in BP barely moved on news of Lord Browne's resignation.