BP Confirms Hayward Exit

BP has confirmed that embattled chief executive Tony Hayward will be stepping down as of October. Hayward will be replaced by American Bob Dudley, whom BP's chairman describes as "a robust operator in the toughest circumstances." The announcement came as a statement accompanying BP's quarterly earnings update revelaed a record $17 billion loss because of Gulf cleanup costs, AP reports.

"The Gulf of Mexico explosion was a terrible tragedy. 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," Hayward said in a statement. BP said it plans to recommend Hayward for a non-executive board position at its Russian joint venture, which Dudley left after a battle with shareholders. Hayward's generous compensation package is proving controversial, click here for more on that story.