BP Chief Executive

BP Chief Executive Tony Hayward will step down as chief executive , the
company announced Tuesday, amid ongoing outrage over the oil spill in the
Gulf of Mexico.
BP said Hayward will be replaced by American Robert Dudley effective Oct 1.
Like Hayward, Dudley is a 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.


‘Bob' started is carrer in Amoco in 1979 then going to BP in 1998, in both
cases his function was superviser exploration activites in Russia, however
he had to leave rather abruptly after being acused by the soviet
authoraties of spying.According to BP his biggest advantage is the fact he
grew up in the state of Mississipi were part of the spill acurred.
BP said Hayward will receive a year's salary amounting to $1.6 million but
further details of his severance package were not disclosed.
According to BP's most recent annual report, Hayward amassed a pension
worth nearly $17 million in his 28 years of service, which is expected to
be doled out in annual payments of more than $900,000.


The company also plans to nominate him as a non-executive director of
Russian oil and gas venture TNK-BP.There are also plans for Tony Hayward to
be nominated for a executive director position in ExxonMobil Europe Operations
based in London.

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.
With Dudley based in London, the overseeing of the clean-up effort will be
headed by BP America President Lamar McKay.The company has already committed $20 billion to compensate individuals and
businesses affected by the spill. But it still could face billions more in
fines and legal costs associated with the explosion.