BP to replace CEO Hayward with Robert Dudley

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"BP's embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.

BP said the decision to replace Hayward, 53, was made by mutual agreement. In a mark of faith in its outgoing leader, the company said it planned to recommend him for a non-executive board position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year's salary, in lieu of notice."

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"Currently BP's managing director, Dudley grew up partly in Hattiesburg, Mississippi, and has so far avoided any public missteps. He spent 20 years at Amoco Corp., which merged with BP in 1998, and lost out to Hayward on the CEO slot three years ago.

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.

BP said that the $32.2 billion charge for the cost of the spill led it to record a loss of $17 billion for the second quarter. The charge includes the $20 billion compensation fund the company set up following pressure from President Barack Obama as well as costs to date of $2.9 billion.

But the company also stressed its strong underlying financial position — revenue for the quarter was up 34 percent at $75.8 billion — and Hayward said it had reached a "significant milestone" with the capping of the leaking well."

http://news.yahoo.com/s/ap/20100727/ap_on_bi_ge/gulf_oil_spill

BTW my friend Stan Worth wrote a song for Dudley along with Sheldon Alden. It was funny like their songs for Super Chicken and George of the Jungle.

Jay Ward, the creator, HATED it. Because Dudley was not funny. He was the everyman to Jay. He had a gold belt buckle with Dudley's image on it. I met Jay Ward once. Nice man.

:evilgrin:

than Tony Hayward, hey, hey!