TNK-BP CFO resigns amid shareholder row

[TheLancinator]

TNK-BP CFO resigns amid shareholder row
Associated Press


MOSCOW - A senior executive has stepped down from embattled Anglo-Russian oil firm TNK-BP due to the debilitating shareholder conflict over control and strategy.

Chief Financial Officer James Owen tendered his resignation is a letter dated Monday to CEO Robert Dudley, who is currently managing the company from abroad.

"Owen's letter states that as the current shareholder issues remain unresolved he feels it is difficult for him to continue working independently, as his role demands," TNK-BP said in a statement.

The resignation will take effect at the end of August.

Owen was named CFO in January 2006. His resignation marks one of the most high-profile departures since the acrimonious conflict erupted into the open earlier this year.

Russian shareholders in the 50-50 joint venture with BP have called for Dudley's removal, arguing that he has mismanaged the company and favored BP's interests.

BP has accused the Russian owners of using corporate raider tactics to wrest control of the company.

Dudley left Russia nearly two weeks ago — just days before his visa was due to expire — following months of pressure from authorities and has vowed to run the company from abroad.

But BP CEO Tony Hayward said last week in London that Dudley could only manage the company for a limited time outside Russia.