It's official – a change at the top for BP. The board made the announcement Tuesday in London before the market opened.
Tony Hayward won't be BP's CEO much longer.
Early Tuesday, the company announced he'll step down October 1 and will be nominated for a new role at BP's joint venture in Russia.
The energy giant released a statement saying the decision was made by "mutual agreement."
For nearly two months, Hayward was the face of BP's response in the Gulf.
Hayward said, "I'm devastated by the accident, absolutely devastated.”
But he came under fire after his many missteps and misstatements such as, "The environmental impact of the spill will be very, very modest.” And, "There is no one who wants this thing over more than I do. You know I'd like my life back."
Tara Mergener reports, “BP also announced Hayward's replacement, current Chief Operating Officer and Mississippi native Bob Dudley.”
Dudley's a newcomer to BP's board, joining just 18 months ago. He was considered for CEO in 2007 but lost out to Hayward.
He will be BP's first American CEO.
"He's not only American,” said Mike Paul, president of MGP & Associates PR. “He's someone from the district, the gulf area which is a good thing. He's someone actively involved in cleaning up the mess.”
The personnel shakeup may also help BP's bottom line. The company reported a loss of $17 billion for the second quarter, and plans to sell up to 30 billion worth of assets to cover damages and claims in the gulf.