Wednesday, July 21, 2010

Dudley Replacing Hayward as BP (NYSE:BP) Chief

Tony Hayward, Chief Executive Officer is expected to step down from his position with BP (NYSE:BP) within the next two weeks, according to an anonymous source. The person most likely to replace him is Robert Dudley. The announcement of Hayward's successor isn't expected until August or September.

The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.

Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.

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