BP Ousts CEO Tony Hayward - Spokane, North Idaho News & Weather KHQ.com

BP Ousts CEO Tony Hayward

NEW YORK (CNNMoney.com) - Tony Hayward will step down as chief executive of BP, the company announced Tuesday, amid ongoing outrage over the oil spill in the Gulf of Mexico.

BP said Hayward will be replaced by American Robert Dudley effective Oct. 1. 

Like Hayward, Dudley is a long-time BP employee with more than 30 years in the oil business. A chemical engineer by training, Dudley was put in charge of the day-to-day leadership of the Gulf Coast clean-up operation in June.

BP said Hayward will receive a year's salary amounting to $1.6 million but further details of his severance package were not disclosed.

Given his recent performance, compensation experts say he will probably not receive the lucrative cash bonuses or stock awards given to many outgoing executives at comparable U.S. corporations.

According to BP's most recent annual report, Hayward amassed a pension worth nearly $17 million in his 28 years of service, which is expected to be doled out in annual payments of more than $900,000. It is unclear however, if Hayward, who was born in 1957, will be eligible for retirement benefits before he turns 60 years old.

The company also plans to nominate him as a non-executive director of Russian oil and gas venture TNK-BP.

The announcement of the change in leadership came as BP reported a second-quarter net loss of $17.2 billion. The heavy loss was due to a $32.2 billion charge the company took related to the oil disaster.

The news ends weeks of speculation about management changes at the company responsible for what has been called the worst environmental disaster in U.S. history. It also presents an opportunity for BP to put a new public face on the company as it seeks to rebuild its reputation.

BP Chairman Carl-Henric Svanberg called the Deepwater Horizon explosion a "watershed incident." In a statement, he said BP would be "a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board."

With Dudley based in London, the overseeing of the clean-up effort will be headed by BP America President Lamar McKay.

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