BP Replaces Hayward, Reports $17 Billion Loss

By Jennifer Wishon | CBN News Washington Correspondent

WASHINGTON — British Petroleum announced Tuesday that its embattled British CEO Tony Hayward will be replaced by American Robert Dudley effective October 1.

BP officials have recommended the 53-year-old Hayward take a non-executive board position at one of the oil giant’s joint ventures in Russia.

“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 and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement released Tuesday.

The news comes after the gaffe-prone CEO was vilified for appearing out of touch in his handling of the response the oil spill in the Gulf of Mexico.

“Nobody wants this over more than I do,” Hayward infamously declared in May. “I want my life back.”

When Dudley takes over in a few months, the Hattiesburg, Miss. native will become the first American to head the company.

“There’s no question that we are going to learn a lot from this… and I’m sure there will be changes,” Dudley told reporters.

So far, Gulf Coast residents like Plaquemines Parish President Billy Nungesser seem willing to give him a chance. Read more at CBN.com

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BP ‘stops oil leaking into the Gulf of Mexico’

Paul Keith Davis: The Gulf Oil Crisis

British Petroleum Reports Progress on Oil Cap

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