British-based NZ scientist remembered as respected finance chief, director

Sir John Buchanan was seen as a diplomat, amiably seeking agreement among various directors who had entered a meeting with opposing points of view. Photo / Richard Robinson

Sir John Buchanan, one of New Zealand's brightest overseas stars, has died aged 72.

Originally from Auckland, Buchanan was a British-based scientist who rose to be finance director at BP before taking on prominent non-executive board roles in sectors ranging from mining to healthcare and telecoms.

By 2009 he had an unparalleled four directorships of FTSE 100 companies on the go. After serving as chairman of Smith & Nephew for eight years and more briefly in the same role at Arm Holdings, he retained a seat on the board of BHP Billiton until his death from cancer on Monday.

Witty and down to earth, he was seen as a diplomat, amiably seeking agreement among various directors who had entered a meeting with opposing points of view.

But Lord Browne, who promoted Buchanan to chief financial officer a year after he became BP's chief executive, says: "The single most important thing is that he was very clear and very outspoken about what he believed in ... He could argue his corner very well."

He was born on June 9, 1943 in poor circumstances and after attending Auckland Grammar School he defied his father's wish to send him out to work.

Buchanan instead went on to earn a doctorate in organic chemistry at the University of Auckland. After funding his own way with a job on the side in a sheep slaughterhouse, he moved to the UK for post-doctoral studies at Oxford and later attended Harvard Business School.

Joining BP in 1970, he advanced through the downstream petrochemicals operations, before taking a leading role in the group's central planning unit.

While this involved gaining an understanding of its treasury operations, there was some City surprise when John Browne appointed a non-accountant to the UK oil group's top finance job.

Yet Buchanan's departure in 2002 came after six successful years that brought the acquisitions of Amoco and Arco in the US and was driven merely by his having reached BP's prevailing retirement age of 60.

"He validated the point that CFOs are not just mechanics - they need to be broad business executives," says Lord Browne.

Then began a 12-year tenure at the Anglo-Australian BHP Billiton, during which Buchanan became senior independent director and long chaired its remuneration committee. Calling him "a true gentleman ... courteous, generous and warm", chairman Jac Nasser praised his "strategic approach and his financial and business acumen".

At various points Buchanan was also deputy chairman at Vodafone and on the boards of AstraZeneca and Alliance Boots.

A fan of sport and opera as well as Polynesian culture, he is survived by his wife Rosemary, a son and a daughter.

An unexpected role in helping his homeland emerged when Christchurch was struck by an earth-quake in 2011, killing 185 people and laying swaths of the city to waste. Buchanan quickly agreed to head the British end of a charitable appeal in aid of families there. He was knighted the following year for services to industry.

"He enjoyed seeing people do better," says one business leader with whom he worked closely in a board role. It was a perspective that also led Buchanan in his later years to become a discreet mentor to a number of current CEOs.

"His strong view was that you teach and learn at the same time," said the seasoned executive. "He could look at a business from a great height but also drill down to the details, in an intellectual way but with respect for the group he was in."

- Financial Times