No Shock: BP Preparing to Replace Hayward

Well, we all knew this was coming, didn’t we?

BP Plc plans to name Robert Dudley to succeed Tony Hayward as chief executive officer as the board looks to recover the company’s position in the U.S., two people with knowledge of the matter said.

Dudley, the director of BP’s oil spill response unit, is ready to be announced as the company’s first American chief and to take the helm Oct. 1, one of the people said, asking not to be identified because a final decision hasn’t yet been made. The decision was reached in discussions with board members about how best to take BP forward and rebuild its U.S. position, the person said. The BP board meets today to “rubber stamp” the plan, the second person said.

“The fact he is American should help to keep things a little more straightforward in his dealings with the U.S. administration,” said Ted Harper, who helps manage $6.8 billion at Frost Investment Advisors in Houston. He doesn’t hold BP stock. “Dudley’s most important task will continue to be making sure that the well is capped.”

via BP Said Preparing to Replace Hayward With Dudley as Board Seeks Recovery – Bloomberg.

This is the first step in a long, long road to image recovery for BP.