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BP Loses CEO, Profits in Wake of Gulf Oil Spill

   Tony Hayward will be replaced by American Bob Dudley, who is currently
   in charge of the clean-up operation in the Gulf

   VOA News 27 July 2010

Photo: ASSOCIATED PRESS

   Vessels  operate at the site of the Deepwater Horizon oil spill in the
   Gulf of Mexico Saturday, July 17, 2010. (AP Photo/Dave Martin)

   Oil  giant BP says chief executive officer Tony Hayward will leave his
   post  on October 1, following criticism of his handling of the Gulf of
   Mexico oil spill.
   The  British-based  company  released  a statement Tuesday, saying the
   decision was reached by mutual agreement with BP's board of directors.
   Â
   Hayward has been under pressure to step down over BP's response to the
   April 20 explosion on the oil platform that killed 11 workers, and led
   to the environmental disaster. Â
   Hayward  will  be replaced by American Bob Dudley, who is currently in
   charge of the clean-up operation in the Gulf.
   BP  also  announced  Tuesday  it  sustained  a $17 billion loss in the
   second  quarter  of  2010  due to the oil well disaster.  The company
   says the loss will come from a pre-tax charge of $32.2 billion it will
   take for the cost of the spill.
   BP  says it will sell $30 billion in assets over the next 18 months to
   cover   the  costs,  including  a  $20  billion  fund  established  to
   compensate Gulf residents directly affected by the disaster.
   Hayward  will  remain  on  BP's board until November 30.  The company
   says  he  will  be nominated as a non-executive director of BP's joint
   venture in Russia, TNK-BP.
   Efforts  to  permanently  plug  the ruptured well have resumed after a
   tropical   storm  in  the  Gulf  last  week  forced  BP  officials  to
   temporarily suspend operations.
   The  rig that has been drilling a relief well to plug the leak is back
   on site reconnecting the equipment that will soon resume work.
   The  head  of the U.S. government's response team, retired Coast Guard
   Admiral  Thad Allen, says efforts to seal the well are focused on what
   is  called  "static  kill,"  which involves pumping heavy mud and then
   cement into the top of the well cap. Â
   Allen says that operation should begin August 2, and the final stage -
   blasting  a mud and cement mix into the bottom of the well - some five
   days later.
   BP  said  Tuesday Hayward will remain on its board until November 30.Â
   The  company  says he will be nominated as a non-executive director of
   BP's joint venture in Russia, TNK-BP
   Some information for this report was provided by AP, AFP and Reuters

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