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Lord Browne Returns To The Oil IndustryLord Browne of Madingley has made a dramatic return to the oil sector by taking up a full-time role as the European head of one of the world’s biggest private equity funds. The former BP chief executive is joining New York-based Riverstone Holdings just three months after his humiliating departure from the oil group. In a surprise statement today, Riverstone announced that Lord Browne would become managing director and managing partner of Riverstone Europe on September 1. The 59-year-old will be based in London. &&&§ionName=IndustrySectorsNaturalResources,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Riverstones founders Lord Browne resigns from Goldman Sachs Analysis: Sun King who fell from graceThe move was announced just moments after Apax revealed Lord Browne would be resigning as non-executive chairman of its advisory board on the same date. In a statement Lord Browne wished Apax “all the best success” going forward. Separately he said: “Since its founding in 2000, Riverstone has emerged as one of the leading and certainly one of the most respected private equity firms in the energy industry. This is an opportunity for me to return to the energy industry full-time, which will enable me to best apply my life-long skills and experience. “I continue to believe it is a unique and important time in the energy industry and I am quite excited to actively participate in Riverstone’s growth strategy to identify and manage attractive investment opportunities.” Riverstone was set up in 2000 by David M Leuschen and Pierre F Lapeyre Jr, both formerly at Goldman Sachs. The company has invested $6 billion in 41 companies with a total $50 billion-worth of assets. Its investments are joint ventures with the Carlyle Group. It is understood that Mr Leuschen approached Lord Browne with the job offer shortly after his controversial departure from BP in May, when a High Court judge ruled he had lied about his private life. Lord Browne resigned just hours after the ruling emerged and he left his position as a board member at Goldman Sachs only days later. Mr Leuschen knows Lord Browne from his time at the investment bank. Mr Leuschen today described Lord Browne as “a legend in the energy industry”. “He is without question one of the most visionary, experienced and talented executives in the energy industry with an unparalleled global understanding, he said. “We are looking forward to Lord Browne helping us expand our existing general practice and identifying new opportunities in the alternative and renewable energy markets.” Lord Browne transformed BP during 12 years in charge. He sparked a swathe of industry consolidation with the acquisition of Amoco and led the group into Russia. His humiliating departure from BP meant he was forced to surrender a potential £15 million leaving package. Martin Halusha, Apax chief executive, said: “As a firm we have benefited enormously from the time that we have worked with Lord Browne. “I understand his desire to return to a full-time executive role in a sector that we do not cover and in which he is an acknowledged global leader. “We wish him well in his next move.” Tag CloudExternal InformationAdditional InformationHollywood Officials Seek End to System of Paying Residuals...From Tech Workers to Nurses, an Employee’s Market... Square Feet: Trailblazers Heading to a New Shopping Destination... South East Asian economies herald a new dawn of technological innovation... Where Am I?News Main Page - Business - Lord Browne Returns To The Oil Industry |
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