Lord Browne, the chief executive of BP, will stand down in February 2008 when he reaches the age of 60, in line with the company's current retirement age.
But automatic retirement ages are soon to become a thing of the past, says ACCA (the Association of Chartered Certified Accountants).
John Davies, head of business law at ACCA says: "From October 1, new legislation comes into force which means that compulsory retirement for those under 65 will be unlawful.
"Ageism in the workplace, from the boardroom to the shop-floor, will be illegal. In view of these new measures ACCA is urging all employers, particularly small businesses, to review their employment policies if they have not done so already."
A landmark part of the legislation is the new default retirement age, which will be set at 65 for both men and women.
Forced retirement before this age becomes unlawful, unless a lower age can be justified or mutual agreements worked out between employers and individual workers.