Top Management Changes at TNK-BP
01 Dec 2008
TNK-BP announced that it had received the resignation of its founding President and CEO, Robert Dudley, in accordance with the memorandum of understanding (MOU) between Alfa Access-Renova and BP in early September. Mr. Dudley’s resignation is effective from today, December 1st.
On November 28th the Board of Directors of TNK-BP Management took a unanimous decision on the new Chairman of the Management Board of TNK-BP Management.
Tim Summers was appointed interim CEO / Chairman of the Management Board of TNK-BP Management until the appointment and commencement of a new non- affiliated CEO as agreed by the shareholders.
In compliance with the decision of the Board of Directors of TNK-BP Management, on December 1st Board Chairman Victor Vekselberg signed a corresponding labour contract with Tim Summers.
The appointment of a new CEO is currently being progressed by the company’s shareholders as are changes to the charters and Boards of Directors of TNK-BP Holding and TNK-BP Management, together with attendant ancillary matters.
“I depart TNK-BP after more than five challenging and immensely satisfying years building and leading this unique and progressive Russian oil major”, Robert Dudley stated. “I wish the new management team every success in continuing the company’s development.”
Incoming CEO Tim Summers noted “It is vital that the transition is effected smoothly and seamlessly. I will focus on closing out our strong performance in 2008 and in setting our business plan for next year in this difficult business environment.”
Notes to Editors:
TNK-BP is Russia’s third largest oil company, 50% owned by BP and 50% owned by AAR (Alfa, Access Renova). TNK-BP’s shareholders also own close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia’s production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.225 billion boe as of December 31, 2007. The company’s upstream operations are located in West and East Siberia and the Volga-Urals region. TNK-BP owns and operates five refineries in Russia and Ukraine, and retails through a network of stations working under the BP and TNK brands.
From 2003 to date, TNK-BP has delivered industry-leading performance on a number of key metrics, including a proved reserve replacement rate (138%) and an average annual production growth rate of 8.3%. Cash distributions to shareholders have totaled more than $22bn, while taxes, duties and excise paid in Russia to state budgets at all levels from 2003 through end 2008 will exceed $90bn.
Changes in TNK-BP’s management team are taking place pursuant to the provisions of the MOU signed by TNK-BP shareholders in September 2008. Other changes currently being progressed under the MOU include changes to the Boards of Directors and corporate charters of TNK-BP Management (TBM) and TNK-BP Holding (TBH), as well as changes to the TNK-BP Shareholder Agreement between BP and AAR.
Tim Summers has served as TNK-BP’s Chief Operating Officer since early 2006. Prior to joining TNK-BP, he had worked in a variety of senior operational and commercial roles in BP. He held senior posts in onshore and offshore production operations, gas marketing, business development, Renewables, and E&P operations management. His work has taken him to Colombia, the Caspian region and the North Sea.
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