ENERGY

British Petroleum Chairman Resigns: Robert Horton, chairman and chief executive of British Petroleum Co., resigned suddenly. BP said Horton decided that it was in the best interests of the company to leave. Horton gained a reputation for wielding an ax at the world’s third-largest oil firm during a career that spanned 35 years. He also presided over a controversial policy of not reducing the company’s dividends at a time when earnings were down. Horton was appointed to British Petroleum’s top post two years ago. Lord Ashburton replaces Horton as chairman, with Chief Operating Officer David Simon becoming chief executive. The price of BP stock tumbled $6 to $48.375 a share on the New York Stock Exchange on the news.