BP’s Hayward takes walk of shame

We all knew it was bound to happen sooner or later. Someone must be blamed for the oil spill, and BP’s CEO Tony Hayward fell on that particular sword today.

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

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

In a cliched twist, Hayward will be nominated him as a non-executive director of Russian oil and gas venture TNK-BP, the oil industry’s way of saying: “You’re banished to Siberia”.

BP has reported a second-quarter loss of $17.2 billion. Robert 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.

But, don’t worry. It’s not over yet. There’s still plenty of blame to go around, and Hayward won’t be taking that walk of shame alone.

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Posted on July 27, 2010, in Energy, Global Biz and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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