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It was no surprise when BP announced Tuesday, that Tony Hayward would step down as the company's CEO. He's been widely criticized for his handling of the Gulf of Mexico oil spill. But the announcement came the same day as the company's second quarter earnings report, and that's what everyone was watching.
BP confirmed Tuesday that chief executive Tony Hayward would step down as head of the oil giant on October 1.
He will be replaced by Robert Dudley, an American executive, who will become the first non-Briton chief executive of the company.
The shakeup comes after months of criticism over Hayward's handling of the Gulf of Mexico oil spill, the worst in U.S. history.
His handling of the disaster was marked with highly publicized gaffes such as this one.
Tony Hayward, CEO of BP said "We're sorry for the massive disruption it has caused to their lives. There's no one who wants this thing more over than I do. You know, I'd like my life back."
BP says its quarterly figures reflect a pre-tax charge of $32.2 billion related to the Gulf spill, while it reported a second quarter loss near $17 billion.
The company intends to sell assets worth up to $30 billion over the next 18 months and cut its debt level.
In lieu of giving notice, Hayward will receive a year's salary equal to $1.6 million and be nominated as a non executive director of BP's Russian venture, TNK-BP.