Unocal Names BP Executive to Succeed CEO Who Died
Unocal Corp. named BP executive Joseph H. Bryant president and chief operating officer Wednesday, filing a vacancy created by the death of Timothy Ling.
Chairman and Chief Executive Charles R. Williamson had filled Ling’s roles at the El Segundo-based energy company while a search was underway for a permanent replacement for Ling, who died suddenly in January at age 46.
For the record:
12:00 a.m. July 23, 2004 For The Record
Los Angeles Times Friday July 23, 2004 Home Edition Main News Part A Page 2 National Desk 1 inches; 44 words Type of Material: Correction
Unocal executive changes -- A headline on an article in Thursday’s Business section about Unocal Corp. executives erroneously stated that Unocal had named a replacement for a chief executive who had died. In fact, the new executive succeeds the company’s late chief operating officer.
Bryant, 48, has been president of BP Angola since 2000 and before that was president of BP Canada and president of an Amoco joint venture in China. During his 27-year career, Bryant also held executive positions with Amoco in the Netherlands and the Gulf of Mexico.
Effective Sept. 1, he will be responsible for the exploration and production of oil and natural gas worldwide. He will be based in Sugar Land, Texas.
“This is good news for Unocal,” said Aliza Fan, an energy analyst for independent research firm John S. Herold. “He has a very strong background working for a quality company such as BP. He has extensive experience, and we like the fact his experience is a mix of domestic and international.”
Bryant’s experience in China also will serve him well at Unocal, which has increasingly turned to Asia as its primary source of production growth.
A Unocal spokesman also noted Bryant’s experience managing deep-water developments, another area of focus for Unocal.
By bringing in outside talent, Unocal has an opportunity to restore some credibility with investors, according to analysts. It has lagged behind its peers over the last decade and has angered shareholders recently by setting and then falling short of production growth targets.
Unocal shares were down $1.13 to $37.75 on the New York Stock Exchange.
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