From the NY Times:
John Browne, an aggressive but mannerly British magnate who transformed BP into one of the most successful global companies, resigned abruptly yesterday after losing a court battle with a London tabloid over details of his relationship with a younger man.
In one of the most humiliating come-downs in British business life, Mr. Browne acknowledged offering an "untruthful account" to a court about the circumstances under which he had met the man, a former companion.
John Browne is the current CEO of BP who was expected to step down anyway in three months. He has been accused of misusing BP resources to support his lover, and during his testimony in court, he gave a false account of how they met.
British Petroleum and Browne both insist that he did nothing wrong.