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Posted: Tue 9:29 AM, Jul 27, 2010
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Reporter: Associated Press Email

BP confirms Hayward departure as CEO

FILE - In this June 17, 2010 file photo, BP PLC CEO Tony Hayward testifies before an Energy and Environment Subcommittee on Oversight and Investigations hearing on the role of BP in the Deepwater Horizon explosion and oil spill on Capitol Hill in Washington. A senior U.S. government official says BP Chief Executive Tony Hayward, under fire for his handling of the Gulf oil spill, is being replaced. An official announcement could come as early as Monday, July 26, 2010. The official, who spoke on condition of anonymity Sunday because that announcement had not been made, was briefed on the decision by a senior BP official late last week. (AP Photo/Haraz N. Ghanbari, File)

LONDON (AP) - BP Plc says Tony Hayward will step down as Chief Executive Officer from Oct. 1, to be succeeded by American Robert Dudley.

In a statement accompanying its earnings update on Tuesday, BP says the decision was made by “mutual agreement.”

BP also reports it has taken a pretax charge of $32.2 billion for the Gulf of Mexico spill, and plans to sell assets for up to $30 billion over the next 18 months.

The company says Dudley will be based in London when he takes up his appointment and will hand over his present duties in the United States to Lamar McKay – the chairman and president of BP America.

Hayward will remain on the Board until Nov. 30 and BP plans to nominate him as a non-executive director of its Russian joint venture TNK-BP.
(COPYRIGHT 2010 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)

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