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News Link • Oil Spill - Gulf of Mexico

BP: Hayward to Step Down October 1

The American who will take over as head of British oil giant BP said Tuesday he's not underestimating the nature and complexity of what the company must do to restore its reputation and financial strength after the massive Gulf spill.

Robert Dudley will replace gaffe-prone CEO Tony Hayward on Oct. 1. The company made the announcement Tuesday as it reported a record quarterly loss and set aside $32.2 billion to cover costs of the devastating Gulf of Mexico oil spill. 

Dudley told reporters the spill has been a wake-up call not only for BP, but the oil and gas industry overall. He said the company will be looking deeply at its review of operational safety and what it has learned from this spill.

Dudley's statement echoed BP Chairman Carl-Henric Svanberg, who said earlier, "BP will change as a result of this accident." Svanberg was speaking to investors during a webcast presentation on the company's second quarter results, which revealed a record $17 billion loss.

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