Byron Grote
Byron Elmer Grote | |
|---|---|
| Born | March 8, 1948 United States |
| Occupation | Business executive |
| Years active | 1979–2013 |
| Known for | Chief Financial Officer of BP (2002–2011) |
Byron Elmer Grote (born March 8, 1948) is an American executive who held the position of chief financial officer at BP from 2002 until 2011. He became part of BP in 1987 following its purchase of Standard Oil of Ohio, where he had been employed since 1979. He retired in 2013.
Early life
Born on March 8, 1948, Byron Elmer Grote obtained both his MS (1967) and PhD (1981) degrees in Quantitative Analysis from the S.C. Johnson Graduate School of Management at Cornell University.
Career
Grote initiated his professional journey at Standard Oil of Ohio in 1979, overseeing international oil supply planning, logistics, and crude oil trading activities. In 1985, he advanced to director of planning for Kennecott, the mining division of Standard Oil, and a year later was promoted to vice president of retail sales.
After BP acquired Standard Oil, Grote was appointed commercial vice president for BP’s operations in Alaska in 1988. Shortly thereafter, he relocated to London to serve as commercial general manager for BP Exploration. In 1992, he took on the roles of group treasurer and CEO of BP Finance before becoming regional chief executive in Colombia. Returning to London in 1995, he assumed the deputy CEO position for BP Exploration. Following the merger between BP and Amoco in 1999, he was named executive vice president responsible for Exploration and Production.
In 2002, Grote ascended to the role of BP’s chief financial officer, maintaining this position until December 2011. Subsequently, he served as executive vice president overseeing corporate business activities and was a member of BP's board of directors. By 2013, his yearly compensation included a salary of $1.485 million along with a $710,000 bonus, which had decreased from a $1.742 million bonus awarded in 2008.