Lord Browne quits Apax

Lord Browne of Madingley, the former chief executive of BP who resigned a few months ago from the oil company in disgrace, has now also resigned from UK private equity house Apax Partners.

Effective from September 1st, he is stepping down from his non-executive position as chairman of the Apax Partners advisory board in order to focus on a full time position in the energy sector.

He is joining instead US private equity house Riverstone Holdings, which specialises in the energy and power sectors, where he will hold the title of managing director and managing partner of Riverstone Europe.

Riverstone’s co-founders David Leuschen and Pierre Lapeyre said: “We are looking forward to Lord Browne helping us expand our existing energy practice and identifying new opportunities in the alternative and renewable energy markets.”

Browne joined Apax in 1999 and was appointed chairman in September 2006. He has no immediate replacement.