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BP CEO Hayward to step down in October

By the CNN Wire Staff
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Tony Hayward out as CEO
  • Hayward will step on October 1
  • He will be replaced byanotehr BP veteran
  • The company reports a $17.15 billion loss in second quarter

(CNN) -- BP's Chief Executive Officer Tony Hayward, the man who headed oil company throughout the three-month-long Gulf oil disaster, will step down on October 1, the company said Tuesday.

He will be replaced by Bob Dudley, who got his start in the oil business working for Amoco, where he spent nearly two decades before the company merged with BP in 1998.

Since then, Dudley has worked with various BP divisions, including a brief stint helping to oversee the company's solar, wind and hydrogen businesses.

The company made the announcement before releasing its quarterly earnings: a $17.15 billion loss.