ECONOMY
BP OUSTS CEO HAYWARD AND TAPS AN AMERICAN
Baku, July 27 (AZERTAC). Tony Hayward will step down as chief executive of BP, the company announced Tuesday, amid ongoing outrage over the oil spill in the Gulf of Mexico, CNN reports.
BP said Hayward will be replaced by American Robert Dudley effective October 1.
Dudley is another long-time BP employee with more than 30 years in the oil business. A chemical engineer by training, Dudley was put in charge of the day-to-day leadership of the Gulf Coast clean-up operation in June.
Hayward will receive a year`s salary amounting to $1.6 million. The company also plans to nominate him as a non-executive director of Russian oil and gas venture TNK-BP.
The announcement of the change in leadership came as BP reported a second-quarter net loss of $17.2 billion. The heavy loss was due to a $32.2 billion charge the company took related to the oil disaster. That charge includes oil spill costs through the end of June, BP said.
The news ends weeks of speculation about management changes at the company responsible for what has been called the worst environmental disaster in U.S. history. It also presents an opportunity for BP to put a new public face on the company as it seeks to rebuild its reputation.
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