Lord Browne of Madingley
Managing Director and Managing Partner (Europe) of Riverstone Holdings.
Appointed by PM David Cameron as the government’s ‘efficiency czar’.
Member of the House of Lords since 2001.
Chairman of the advisory board at Stanhope Capital from 2010.
Former Chief Executive of BP
Salary – Bonuses – Pension etc
About the organisation
Chief executive of BP. He joined BP as an apprentice in 1966 and became Group Chief Executive of the combined group in 1998. He was one of the most highly paid executives in the UK.
Lord Browne quit suddenly as chief executive of BP in May 2007 after a newspaper story about his private life. The board, then led by chairman Peter Sutherland, had already forced him to announce that he would retire by the end of 2008 after a series of operational disasters on Browne's watch, including an explosion at the company's Texas City oil refinery, resulting in 15 deaths and 170 injuries, as well as a large oil spill in Alaska.
Browne is described by journalist and author Tom Bower as responsible for a "ruthless" programme of cost-cutting that compromised safety, and thus the man most responsible for the recent string of major disasters including the Deepwater Horizon explosion (2010).
Browne was born February 1948 in Hamburg, Germany, to a British Army officer father and a Hungarian Auschwitz survivor.
He was knighted in 1998
Chaired an independent review into university tuition fees. In October 2010 the report of the inquiry headed by Lord Browne was published under the title Securing a Sustainable Future for Higher Education. The main recommendation of the report was that the current cap of £3,290 on university tuition fees should be lifted thereby allowing such institutions to determine their own fee structure.
Riverstone Holdings LLC is a private equity firm specializing in the energy and power sectors, Owns share of Cuadrilla - the controversial 'fracking' outfit
Stanhope Capital is one of the largest private investment services in Europe representing over 70 families and institutions.
Pension pot = £1m a year and has built up a pension fund of nearly £20m.
His resignation from BP meant that he was forced to surrender a potential £15 million leaving package. For 2006, Lord Browne received total remuneration of £2.5m, including basic pay of £1.5m.
A Financial Times in 2002 was gushing in its praise of Browne, who had rejuvenated BP and turned it into one of the largest oil companies in the world. The article dubbed him the Sun King and the sobriquet stuck. He said the article had "set me up as an arrogant target", adding that "all that went wrong with the company would ever after be personalised".
Browne has recently invested £27m in Cuadrilla the lead company in the exploitation of shale gas in the UK. The gas is released through 'fracking' a highly controversial process. Browne will be back in the headlines soon.
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