BP confirms CEO to step down

BP has announced that Tony Hayward is to step down as the company's chief executive officer.

Izvor: Deutsche Welle

Tuesday, 27.07.2010.

10:24

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BP has announced that Tony Hayward is to step down as the company's chief executive officer. Hayward has been criticized over his handling of the Gulf of Mexico oil spill. He is to be succeeded by American Robert Dudley. BP confirms CEO to step down Tony Hayward is stepping down as BP's chief executive officer later this year. "BP today announced that, by mutual agreement with the BP board, Tony Hayward is to step down as group chief executive with effect from October 1, 2010," the company said in a statement. He is to be replaced by Robert Dudley, who is currently is an executive director and is in charge of the oil spill clean-up operation in the Gulf of Mexico. Hayward has been criticized for his handling of the Gulf of Mexico disaster. He is to remain on the board of the company until November 30 and then move as a non-executive director to one of BP's Russian joint ventures. The company also announced a second quarter loss of 17.1 billion dollars. In the past five years, BP has had to deal with three of the oil industry's most expensive safety and environmental incidents. An explosion in a Texas refinery in 2005 killed 15 workers, while an oil spill in Alaska one year later led to millions of dollars in fines. The oil spill in the Gulf of Mexico, caused by the explosion and subsequent sinking of the oil rig Deepwater Horizon in April of this year, killed 11 workers and is the biggest environmental disaster ever in the United States. BP was the largest British company by market capitalization at the time of the explosion, but has seen its market share plunge by about 36 percent since April. Hayward took over as chief executive of BP from Lord Browne in 2007.

BP confirms CEO to step down

Tony Hayward is stepping down as BP's chief executive officer later this year.

"BP today announced that, by mutual agreement with the BP board, Tony Hayward is to step down as group chief executive with effect from October 1, 2010," the company said in a statement.

He is to be replaced by Robert Dudley, who is currently is an executive director and is in charge of the oil spill clean-up operation in the Gulf of Mexico.

Hayward has been criticized for his handling of the Gulf of Mexico disaster. He is to remain on the board of the company until November 30 and then move as a non-executive director to one of BP's Russian joint ventures.

The company also announced a second quarter loss of 17.1 billion dollars.

In the past five years, BP has had to deal with three of the oil industry's most expensive safety and environmental incidents. An explosion in a Texas refinery in 2005 killed 15 workers, while an oil spill in Alaska one year later led to millions of dollars in fines.

The oil spill in the Gulf of Mexico, caused by the explosion and subsequent sinking of the oil rig Deepwater Horizon in April of this year, killed 11 workers and is the biggest environmental disaster ever in the United States.

BP was the largest British company by market capitalization at the time of the explosion, but has seen its market share plunge by about 36 percent since April. Hayward took over as chief executive of BP from Lord Browne in 2007.

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