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Jul 27, 2010 6:48 AM by Sharlee Barriere

BP Confirms Hayward's Departure as CEO


LONDON (AP) - BP says Tony Hayward will step down as chief
executive officer on Oct. 1 to be succeeded by American Robert
Dudley.
In a statement accompanying its earnings update today, BP says
the decision was made by "mutual agreement."
Currently BP's managing director, Dudley grew up partly in
Hattiesburg, Miss., and has so far avoided any public missteps. He
spent 20 years at Amoco Corp., which merged with BP in 1998, and
lost out to Hayward on the CEO slot three years ago.
The company says Dudley will be based in London when he takes up
his appointment.
Hayward will remain on the board until Nov. 30 and BP plans to
nominate him as a non-executive director of its Russian joint
venture TNK-BP.

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