Marvin L. Damsma, BP PLC’s director-trust investments, the Americas, will retire April 30, according to an internal memorandum sent today by Dev Sanyal, group treasurer in London. A successor to Mr. Damsma, who oversees the $8.1 billion U.S. defined benefit plan and $10 billion 401(k) plan, has not been chosen, Mr. Sanyal wrote. Roddy Kennedy, BP spokesman in London, confirmed the internal announcement.
Gregory T. Williamson, BP senior investment manager, is suggested as a potential top candidate by David A. Morris, managing partner, Heidrick & Struggles International, and Debra J. Brown, managing director, Russell Reynolds Associates, both executive recruiting firms.
“BP’s nature is to build successors and build a succession plan,” Mr. Morris said. “I think BP would go inside for that position.”
Ms. Brown said, “They have a fabulous guy internally: Greg Williamson. He has a great reputation in the marketplace. He’s very bright.” But “many organizations, even when they have a strong internal candidate, might still feel the need for due diligence and do a search” for candidates, she added.
Scott Dean, another BP spokesman, said the company’s U.S. pension investment department will be relocated to Houston over the next 18 to 24 months from Warrenville, Ill.
Mr. Damsma is “one of the classics of the defined benefit business,” Mr. Morris said. “He has a great track record and he’s a great guy.”
