LONDON, May 1 (UPI) -- John Browne resigned as BP PLC chief executive officer after a British court let a newspaper group publish details of his private life, the oil company said.
Tony Hayward, whom Browne designated his successor when Browne announced in January he would step down in July, became CEO effective immediately, BP said Tuesday.
"In my 41 years with BP I have kept my private life separate from my business life," Browne said in a statement. "I have always regarded my sexuality as a personal matter, to be kept private."
He said he had a four-year relationship with Jeff Chevalier, "who has now chosen to tell his story to Associated Newspapers, publishers of The Daily Mail, Mail on Sunday and Evening Standard."
"These allegations are full of misleading and erroneous claims," Browne said. "In particular, I deny categorically any allegations of improper conduct relating to BP."
BP Chairman Peter Sutherland said the company found allegations of misuse of company assets due to Chevalier's limited use of BP computer and staff resources to be "unfounded or insubstantive."
The company said Browne's decision early resignation meant he would lose a $7 million bonus and forgo inclusion in a 2007-09 performance share plan with a potential value of $24 million.
