Embattled oil giant BP has sentenced CEO Tony Hayward to Siberia for his part in the mis-handling of the Gulf of Mexico spill.
His replacement will be current managing director, Bob Dudley, with Hayward sidelined to work on a joint venture between BP and Russia, based in Siberia. Currently in charge of the day-to-day running of the response to the oil spill, Dudley now faces the hefty challenge of rebuilding and restoring confidence in the group. He starts with BP at rock bottom after reporting a $17bn (£11bn) loss over the second quarter - one of the largest corporate losses in history. However, if anyone can turn the company around it is Dudley. The 54-year-old joined the board of BP 18 months ago, and a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
