Securities: BP Chief John Browne to Resign in July

BP's Chief Executive John Browne will leave his post at the end of July, 17 months earlier than had initially been planned. BP shares rose 4% as a result of the news. Browne's spot will be taken over by CEO Tony Hayward, who currently is head of exploration and production. Browne decided that it would be in BP's best interest to name his successor in order to ensure an orderly transition.

BP Chief John Browne to Resign in July

Chairman Peter Sutherland said in a statement "having made that decision, which the board fully supports, we came to the conclusion that a six-month handover would be more appropriate than 18 months." Problems have plagued BP of late: fatal refinery accidents in Texas and sloppy maintenance of a key oil pipeline in Alaska have tarnished Brown's image.