OREANDA-NEWS. On December 01, 2008 TNK-BP announced that it had received the resignation of its founding President and CEO, Robert Dudley, in accordance with the memorandum of understanding (MOU) between Alfa Access-Renova and BP in early September. Mr. Dudley’s resignation is effective from today, December 1st, reported the press-centre of TNK-BP.

On November 28th the Board of Directors of TNK-BP Management took a unanimous decision on the new Chairman of the Management Board of TNK-BP Management.

Tim Summers was appointed interim CEO / Chairman of the Management Board of TNK-BP Management until the appointment and commencement of a new non- affiliated CEO as agreed by the shareholders.

In compliance with the decision of the Board of Directors of TNK-BP Management, on December 1st Board Chairman Victor Vekselberg signed a corresponding labour contract with Tim Summers.

The appointment of a new CEO is currently being progressed by the company’s shareholders as are changes to the charters and Boards of Directors of TNK-BP Holding and TNK-BP Management, together with attendant ancillary matters.

“I depart TNK-BP after more than five challenging and immensely satisfying years building and leading this unique and progressive Russian oil major”, Robert Dudley stated. “I wish the new management team every success in continuing the company’s development.”

Incoming CEO Tim Summers noted “It is vital that the transition is effected smoothly and seamlessly. I will focus on closing out our strong performance in 2008 and in setting our business plan for next year in this difficult business environment.”