Former BP chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. Get the full story »
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BP: Multiple companies to blame for oil spill
A fire boat response crews battle the blazing remnants of the Deepwater Horizon on April 21. (AP /US Coast Guard)
Shares in BP PLC tracked slightly higher after the release of an internal report on the disastrous oil spill in the Gulf of Mexico that deflects much of the blame onto rig owner Transocean Ltd. and contractor Halliburton Co. The stock bounced as high as $6.44 after the report was made public Wednesday, before retreating a little to trade up 1.8 percent in early afternoon trading London time.
BP took some of the blame for April 20 explosion on the Deepwater Horizon rig that killed 11 workers and started the worst oil spill in U.S. history. It acknowledged in the report that its own employees misinterpreted a safety test that should have raised a red flag about a potential blowout of the Macondo well. Get the full story »
BP’s Tony Hayward defends decisions
From The Wall Street Journal | In his first interview after agreeing to step down from the top spot at oil giant BP this week, Tony Hayward defended his choices during the oil spill crisis, saying he ” became a villain for doing the right thing.” Get the full story »
Hayward: Oil spill a failure of drilling industry
Outgoing BP Chief Executive Tony Hayward declared in a web cast Tuesday that the Gulf of Mexico oil well disaster represents a failure for the deepwater oil and gas drilling industry, not just for BP.
“The industry needs to re-evaluate safety,” he said. “Everyone will re-evaluate the business model to reduce risk associated with deepwater drilling.” Get the full story »
BP replaces CEO Hayward, reports record loss
Demonstrators hang signs on a fence they have used to barricade a BP station in London, July 27, 2010. (AFP/Getty Images)
BP’s embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.
BP said the decision to replace Hayward, 53, with the company’s first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for a non-executive position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year’s salary, instead of the year’s notice he was entitled to.
“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement accompanying the quarterly earnings update. Get the full story »
July 26, 2010 at 6:53 a.m.
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Filed under: Chicago executives, Energy, Management, Personnel moves BP set to put first American in charge
BP Plc is expected to announce in the next 24 hours that Chief Executive Tony Hayward will step down and be replaced by Bob Dudley, a soft-spoken American unlikely to repeat the gaffes that have come to define Hayward in many Americans’ minds.
Dudley heads BP’s oil spill response effort. Just over a week ago, BP installed a temporary cap on the Macondo well, which had been spewing up to 60,000 barrels per day of oil into the Gulf of Mexico since April. Get the full story »
BP: CEO Hayward not resigning
BP was forced to defend its chief executive on Monday after Russia’s deputy PM said he expected Tony Hayward to resign soon, while a tropical storm threatened oil spill cleanup efforts in the Gulf of Mexico.
BP said Hayward remained CEO and no change was under discussion after Igor Sechin said he expected Hayward to resign and that Russian officials would be told the name of his successor in Moscow on Monday. Get the full story »
