26 Jul 2010
BP’s embattled chief executive Tony Hayward is to resign after months of ‘when-not-if’ speculation about his departure.
Hayward’s successor will be Bob Dudley, the American BP executive who has taken charge of the Gulf of Mexico spill clean-up. The changeover will be announced officially by BP tomorrow when its second-quarter results – predicted to include a £13bn loss – will be announced.
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BP’s shares rose on news of the change of management, adding some £2bn to the value of the company. The move is seen as the first step in rebuilding BP’s soiled image in the US and worldwide.
Hayward is likely to depart with a £12m payout.
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