24 January 1994 00:00 [Source: ICB]
STEPHEN PETTIT has resigned from BP Chemicals to join Cable and Wireless as managing director, Europe. His departure has taken petrochemicals colleagues across Europe by surprise. prompting renewed speculation over the prospects for petrochemicals within the BP group.
His successor has yet to be announced, but any heir apparent is conspicuous by their absence. BP Chemicals has seen an unprecedented outflow of senior petrochemicals executives in recent years.
Though he only joined the chemicals business as petrochemicals chief executive in November 1991, Pettit has swiftly achieved a high profile in European circles, most notably in his acknowledged role as prime driver of the now abandoned APPE initiative to aid cracker closures through a pan-industry fund.
BP Chemicals has made no comment on his decision to resign, beyond wishing him well in his new career.
A spokesman emphasised though that Pettit announced his decision internally two months ago, and the move, therefore, is unconnected with both the Baglan Bay closure last week and the APPE failure.
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