BP Loses $17 Billion, CEO Gets Life Back

As was reported over the weekened, BP CEO Tony Hayward, famous for complaining about how the Gulf of Mexico oil spill had eaten into his private time, is officially being pushed to the side. The news comes on the same day the petroleum giant posted a record $17 billion quarterly loss.

Parting words from the Tone-Bone:

The Gulf of Mexico explosion was a terrible tragedy for which — as the man in charge of BP when it happened — I will always feel a deep responsibility, regardless of where blame is ultimately found to lie… BP will be a changed company as a result of Macondo and it is right that it should embark on its next phase under new leadership.

As a parting gift, Hayward will be nominated as a nonexecutive director of TNK-BP, the company’s Russian business.

Hayward is set to be replaced by U.S.-born exec Robert Dudley, who is currently in charge of BP’s cleanup efforts in the Gulf of Mexico.

BP Posts $17 Billion Loss, Confirms Hayward Departure [NY Times]