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Jul 27, 2010 9:12 AM

BP hopes to turn page with new CEO, leaner company

NEW ORLEANS (AP) BP officials say they are beginning to reinvent a company that reported a record $17 billion quarterly loss and is navigating the politically fraught task of making the Gulf of Mexico new.

The company named its first American CEO on Tuesday during its quarterly earnings call, while its outgoing chief, who has been repeatedly criticized for other verbal miscues, miffed the White House anew on his way out.

Robert Dudley, who will replace Tony Hayward on Oct. 1, promised changes in light of the environmental disaster.

One certain change is that BP will become smaller. It announced it will sell $30 billion in assets and has set aside $32.2 billion to cover costs from the largest offshore oil spill in U.S. history.

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