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July 27, 2010

As BP Reports $17B Loss, Hayward to Step Down as CEO
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BP has confirmed that Tony Hayward will step down as the company’s CEO
in October after facing months of criticism for his handling of the BP
oil spill in the Gulf of Mexico. The Mississippi-raised Bob Dudley will
take over the company. Hayward will receive an annual pension worth over
$900,000, and he is expected to stay connected to BP and take a job with
the company’s joint venture in Russia. In other BP news, the company
announced today a record quarterly loss of $17 billion after writing off
$32 billion to cover the cost of the Gulf of Mexico oil spill.



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