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July 27th, 2010
05:47 AM ET

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Tony Hayward will step down as chief executive of BP amid outrage over the oil spill in the Gulf of Mexico, the company announced Tuesday. CNNMoney.com reports.

Tony Hayward will step down as chief executive of BP amid outrage over the oil spill in the Gulf of Mexico, the company announced Tuesday. CNNMoney.com reports.

BP ousts CEO Hayward and taps an American

(CNNMoney) – Tony Hayward will step down as chief executive of BP, the company announced Tuesday, amid ongoing outrage over the oil spill in the Gulf of Mexico.

BP said Hayward will be replaced by American Robert Dudley effective Oct. 1.

Like Hayward, Dudley is a long-time BP employee with more than 30 years in the oil business. A chemical engineer by training, Dudley was put in charge of the day-to-day leadership of the Gulf Coast clean-up operation in June.

BP said Hayward will receive a year's salary amounting to $1.6 million but further details of his severance package were not disclosed.

The company also plans to nominate him as a non-executive director of Russian oil and gas venture TNK-BP.

The announcement of the change in leadership came as BP reported a second-quarter net loss of $17.2 billion. The heavy loss was due to a $32.2 billion charge the company took related to the oil disaster.

The news ends weeks of speculation about management changes at the company responsible for what has been called the worst environmental disaster in U.S. history. It also presents an opportunity for BP to put a new public face on the company as it seeks to rebuild its reputation. Read more

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