London, May 2:

The career of one of the titans of British industry came to a dramatic end yesterday when Lord Browne quit as chief executive of oil giant BP after lying to a court about his relationship with another man.

Following crisis talks at the company’s London headquarters, BP said Lord Browne had resigned with immediate effect after losing his four-month battle to suppress newspaper reports about the relationship. In doing so, he forfeited a leaving package worth up to £15.5 million.

Lord Browne went all the way to the House of Lords to prevent Associated Newspapers, the publisher of the London Mail, from disclosing details of his relationship with Jeff Chevalier, hisCanadian partner between 2002 and 2006.

A series of hearings considered evidence about the pair’s extravagant international lifestyle, disputed allegations that company resources were diverted for Chevalier’s use, and claims that Lord Browne attempted to evade tax payments.

The 58-year-old, once hailed as ‘the Sun King of the oil industry’ lost his case, in large part, because he claimed to have met his partner while jogging in a London park. They had, his close associates conceded last night, actually made contact through a male escort agency’s website.

In a statement which marked the end of a remarkable career, including a decade during which the company he led was regarded as the UK’s most successful, Lord Browne said, “In my 41 years with BP I have kept my private life separate from my business life. I have always regarded my sexuality as a personal matter, to be kept private.”