Summary
1. Lord Browne helped BP become the global powerhouse it is today
2. Lord Browne also helped bring down BP's stature among its peers
3. BP has many opportunities for being an exemplary company
Analysis
That BP has been a leader for change among its peers, is an understatement. The company, under the leadership of Lord Browne, has been able to reach beyond the Thames River, cross America, and other continents, to become the second largest (though at times the third) energy company in the world. In that process, Lord Browne helped BP become less dependent and focused on traditional energy markets, become a well established alternative energy supplier (Wind Power), and really live up to the motto: beyond petroleum.
They've gone beyond petroleum, but have paid a high cost getting there with safety issues, and being slapped with non-compliance fines. However, it was Lord Browne who demanded higher standards be implemented for BP's North America trading arm prior to the Enron scandal. While the head of BP, he enacted rules that helped the company move many steps forward, and a few backwards. Throughout it all, the company maintained its integrity, became stronger, and rose above its biggest blunders.
The only fault of Lord Browne, is that he drove BP to take many unnecessary risks the past couple years, hence the reason why the company's standing among its peers decreased. All in all, his departure at the end of 2008 will be a positive change for the company. Whoever takes over once he's gone will have large shoes to fit, but it can be done. Until that person is announced, there will be a lot of uncertainty within the company.
