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BP boss Hayward resigns over Gulf oil disaster
 [The Nation (Nairobi)] BP's vilified chief executive Tony Hayward resigned Tuesday as the British oil giant revealed the Gulf of Mexico disaster will cost over 32 billion dollars after causing a record quarterly loss.Hayward, whose PR gaffes handling the oil spill made him a target of US fury, will be succeeded by Bob Dudley, who is currently in charge of BP's Gulf clean-up operations and will become the group's first US chief executive. BP said it had made a record 16.9-billion-dollar loss in the second quarter and that it will sell 30 billion dollars of assets over the next 18 months as it seeks to streamline operations and return to profitability. The troubled firm was pushed into the red by the 32.2 billion dollars (24.7 billion euros) set aside to pay for the costs of the spill -- the worst environmental disaster in US history. "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, regardless of where blame is ultimately found to lie," Hayward said. BP and Hayward in particular have been mauled by Washington since the Deepwater Horizon rig exploded on April 20, killing 11 workers and unleashing millions of gallons of crude into the sea and onto the US Gulf coast. "BP today announced that, by mutual agreement with the BP board, Tony Hayward is to step down as group chief executive with effect from October 1," it said, adding he will be nominated as a non-executive director of TNK-BP, a Russian joint venture. BP's share price has plunged about 40 percent since the explosion -- wiping tens of billions of dollars off the group's market value. BP shares rose 0.49 percent in value to 419 pence in Tuesday trade. "As expected, BP reported the worst figures in UK corporate history," said ETX Capital trader Manoj Ladwa. "Despite the company going through significant management and structural change, the future still remains uncertain for the oil giant and BP in a years' time could be significantly different from the company today." Posted by: Fred 2010-07-28 |
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