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BP announces shake up after record loss

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BP announces shake up after record loss


BP’s outgoing chief Tony Hayward insisted in May the firm was in for the long-haul after its deep water horizon rig blew in the Gulf of Mexico.

But, the gaffe prone boss will no longer head the oil giant as it continues to battle the worst oil spill in US history. He is stepping down in October to be replaced by American Bob Dudley.

The shake up came as BP announced a fund of almost 25 billion euros to cover the disaster.

The incoming chief Bob Dudley said: “There’s no question that we’re going to learn a lot from this accident in the Gulf coast. It’s going to be about equipment, people, different companies and as a result of that we’re going to learn a lot from that – both BP and the industry – and I’m sure there will be changes.”

BP’s image has been severely tarnished by the spill and Greenpeace activists disabled around 50 of the firm’s service stations in central London on Tuesday, setting up barriers to close off the facilities in order to highlight the environmental damage in the Gulf.

The company branded the forced closures as an ‘act of vandalism’. They coincided with BP’s second quarter results, showing a loss of more than 13 billion euros.

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