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Outflow of Foreign Managers at TNK-BP

Two vice presidents at TNK-BP will leave in October presumably because of a recent shareholder conflict

Outflow of Foreign Managers at TNK-BP

Tom Wright, TNK-BP's executive vice president for planning and performance management, and Steve Riddlington, its vice president for finance and treasury, are leaving. That's what The Moscow Times reported referring to some source close to the company.

This news adds up to other resignations - executive vice president for downstream Toni Considine and chief financial officer James Owen left the company earlier this year.

The reasons for that are unknown, but probably they are somehow connected with the shareholders conflict, when TNK-BP chief executive Robert Dudley was accused by Russians of managing the company in the interests of the British party - BP.

Though last week the company announced that its 50-50 shareholders, BP and a quartet of Russia-connected billionaires, had fully resolved a protracted dispute over strategy and development at the company.

It was agreed that independent directors would join the TNK-BP boards and that a public offering would be made of up to 20 percent of TNK-BP's stock.

Author: Ksenia Kochneva

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