BP replaces chief and reports record loss

SINGAPORE, (July 26, 2010) - BP PLC (BP) after spending months trying to clean up the Gulf of Mexico is now clearing the deck in its books as well as the top management with embattled Chief Executive Tony Hayward replaced.
The British oil giant said American Robert Dudley, the executive director who heads the company's oil spill response effort in the Gulf of Mexico, will lead the entire company from October 1 when Mr Hayward steps down.

"It will be a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board," Chairman Carl-Henric Svanberg said in a statement.


"The Gulf of Mexico explosion was a terrible tragedy for which--as the man in charge of BP when it happened--I will always feel a deep responsibility," Mr Hayward whose horrendous performance at the congressional hearing on the oil spill was heavily criticized said in a statement.

BP also reported record loss of US$17.2 billion compared to a profit of US$4.39 billion for the second quarter. The company is taking a big charge on the oil spill clean up and compensation and is expected to sell assets and cut dividend to fund the damage control.