BP CEO Tony Hayward to quit in October

16:37, July 27, 2010      

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BP CEO Tony Hayward takes a first hand look at the recovery operations aboard the Discover Enterprise drill ship in the Gulf of Mexico 55 miles (89 km) south of Venice, Louisiana in this May 28, 2010 file photo. BP Plc's board will discuss the future of Hayward when it meets on July 26, 2010 to discuss the Gulf of Mexico oil spill and the firm's second-quarter results, sources familiar with the matter said.(Xinhua/Reuters Photo)

BP confirmed on Tuesday that its chief executive Tony Hayward would leave his post in October and will be replaced by Bob Dudley, who is currently in charge of clean-up operation in the Gulf of Mexico.

Local media reported that Hayward will instead be nominated for the role of non-executive director of Russian joint venture TNK-BP.

Hayward was quoted by the BBC as saying that now oil had stopped spilling from the Macondo well, it was a good time to leave his post.

He said "with the leak now capped, we have reached a significant milestone. This provides a firm basis to reshape the company."

BP Chairman Carl-Henric Svanberg said, "The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely deservedly admired."

The oil giant said the charge gave it a loss of 17 billion U.S. dollars between April and June and it would sell off 30 billion dollars of assets.

Source: Xinhua


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