BP Replaces Chief Executive Amid Record Losses From Oil Spill

27 July 2010

Members of the British Petroleum executive, from left, outgoing CEO Tony Hayward, Chairman Carl-Henric Svanberg, and incoming CEO Bob Dudley, pose for the media outside their global headquarters in London, 27 Jul 2010

BP's losses for the past quarter amount to some $17 billion, due to having to set aside more than $32 billion for costs linked to the oil spill off the U.S. coast in the Gulf of Mexico.

BP's board also confirmed what had been widely predicted in recent days, company's CEO Tony Hayward is stepping aside. Hayward will be replaced by fellow executive Robert Dudley.

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BP Chairman Carl-Henric Svanberg said the decision was by mutual agreement.

"In view of the Macondo well and everything that has happened... it became clear that you needed, in this case, a new face and a new man to lead this," he explained. "And, of course, especially America is our biggest market so that is also important."

Tony Hayward had become the embattled public face of BP and the Gulf oil disaster. He made a few blatant public relations gaffes, such as saying he would like to get his life back, after 11 people had been killed when the drilling rig exploded in April and oil continued to gush into the Gulf.