New BP head a ‘whizz’

Press, 20 May 1981, Page 7

New BP head a ‘whizz’

By Ken Coates in London Tougher times seem to be changing the formerly staid largest industrial group in Britain, British Petroleum. Mr Peter Walters, the new chairman-elect, is described

as being as close to being a whizz-kid as if is possible to i be in that lofty organisation. According to the “Financial Times,” Mr Walters, who is 50, is in theory young enough to hold on to the top job for 15 years. Had he

emerged as a contender in a previous BP epoch, he would probably have had to remain as deputy chairman, while the present senior deputy chairman, Mr Christopher Laidlaw, who is 58, had his turn at the helm. But the “Financial Times” says that times have changed at BP, which is being reorganised into several distinct international businesses and is trying to present a fresh face. . Mr Walters, who will replace Sir David Steel in November, is said to be unlikely: to demonstrate-the direct and at times domi-

neering control of some past BP chairmen. Colleagues say the new chief executive is very easygoing, and has achieved much without the need for a raised voice. Mr Walters is said to have no enemies, and yet has the reputation for being sharp, shrewd, hard-nosed and capable. Although he is not seen as a “workaholic,” his rise to BP’s top has been relentless and assured since he joined the company in 1954. ,< During the group’s annual meeting. Sir David suggested that company executive chairmen should in future retire at 60 because the job was riot getting any easier. He also again criticised increasing North Sea oil taxation which, he said, prevented offshore profits being used to offset onshore losses.