In retrospect, Tony Hayward’s time at the top was short. The former BP CEO, whose now infamous comments regarding the BP oil spill in the Gulf of Mexico led to his ouster, held the title for just three years and five months. Conversely, Hayward was hired to replace John Browne, a CEO whose tenure atop the company began in 1984, two mergers before the company became the BP that exists today. While the length of Browne’s 23-year term is uncommon, new evidence suggests that boards are hanging on to CEOs well beyond their shelf life.
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