Beleaguered CEOs don't die. They just go to private equity firms.
That's the report from the NY Times. The CEO of BP (NYSE: BP), John Browne, will become chairman of the advisory board of Apax Partners Worldwide LLP, a mega private equity firm.
It certainly was a quick move. After all, it was last week that Browne said he will retire from the company (his last day will be August 1st).
In the private equity world, there is a war for talent. True, Browne's stint at BP was not so good, at least during the past few years. However, he does have a golden Rolodex. Besides, it will likely be other Apax employees who do much of the work.
Browne has lots of M&A experience. And something else: he has structured a variety of global deals, including some in Russia.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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Reader Comments (Page 1 of 1)
1-15-2007 @ 5:46PM
Tom said...
Browne is also a board member of Goldman Sachs. If they have any sense, Goldman should let him go as well. Browne's biggest mistake was cutting costs on maintenance and safety to pay for his public relations Beyond Petroleum campaign. For more information on Browne go to www.FreeEnterpriser.com