BP announced Tuesday that it lost $17 billion in the second quarter of the year because of the mounting cost of halting and repairing damage from the massive oil spill in the Gulf of Mexico.
The company also said the executive who has led its spill response effort for the last month, Robert Dudley, would take over Oct. 1 as BP's next chief executive, becoming the first American to run the London-based company.
Dudley, 54, had been widely expected to be chosen to replace outgoing chief executive Tony Hayward, whose dismissal was confirmed after a BP board meeting Monday evening.
So long Tony Hayward. 'heck of a job' destroying the Gulf of Mexico. That's some legacy but with the reported millions in severance I guess he can afford enough booze to soften the pain.
So how did all that cost-cutting and skimping on safety work out for you BP? The real tragedy beyond the destruction of a way of life and an large chunk of ocean is that other corporations will probably not take any notice of the results of such negligence and just keep on cutting corners in the name of profit. You'd like to think this would be a lesson, but don't count on it.