BP said Tuesday that controversial chief executive Tony Hayward will step down on Oct. 1 as it announced losses of nearly $17 billion in three months. The unfortunate and gaffe-prone Hayward would still be able to walk away with a payoff of more than $1.6 million.
Hayward is to be succeeded by American Robert Dudley, who has been overseeing BP's response to the oil spill in the Gulf of Mexico.
BP said the Gulf spill had cost the company $32.2 billion, driving the firm to a second quarter loss of $16.97 billion. The oil giant also announced plans to sell $30 billion of assets over the next 18 months.
Commenting on Hayward's departure, BP chairman Carl-Henric Svanberg said: "The BP board is
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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.
There is no better way for BP to start its image and reputation remaking process, than to let Hayward go, considering that Hayward at a point is good an embarrassment to BP as the Gulf Oil Spill.
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