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View Diary: BP Catastrophe Liveblog Mothership: #24 (66 comments)

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  •  Fudley replaces Wayward! (2+ / 0-)
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    •  but huh...? (2+ / 0-)
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      BP Clarifies: Hayward Still In Charge Of Gulf Response
      Rachel Slajda | June 18, 2010, 4:15PM
      After news reports today that BP CEO Tony Hayward was no longer handling day-to-day operations in the Gulf oil response, a spokesman for the company told CNN that Hayward is still in his current position in the Gulf.

      The reports, including TPM's, were based on an interview BP Chairman Carl-Henric Svanberg gave to Sky News today, in which he said Hayward is handing over Gulf operations to BP's managing director Bob Dudley.

      But BP now says that Svanberg was only recapping an announcement earlier this month that Hayward would eventually hand the reins to Dudley, an American-born executive who is now handling BP's community relations.

      In the interview, Svanberg said, "He is now handing over the operations, the daily operations to Bob Dudley." He suggested it was because of Hayward's handling of the response, acknowledging that he's said things that have "upset" people.

      On June 4, the company announced that Dudley would eventually take over the spill response and Hayward would go back to London to oversee the company at large.

      BP has not responded to TPM's requests for comment.

      "He will have to be eased out so as not to spook their share holders. These things must be handled delicately. BP's share prices have been volatile up and down for the past three years of Haywards reign as CEO. So clearly there is something going wrong with a company that that has been in the oil extractin business since 1908. From a high of nearly $80 per share to todays closing price of $31.67. Financial analysts suggest 4 possible scenarios. One is that the oil leak stops, political pressure abates, and the clean up costs are manageable. A second is that a competitor attempts to takeover BP, either in cooperation with the company or as a hostile bid. The share price would vary according to political pressure and factors related to the suitor and/or BP. A third scenario is that the leak is stopped but with delays. There is uncertainty of the clean up payments. BP stock prices rebound but not completely. A fourth scenario is that the leak is not resolved, political pressure continues leading to bankruptcy. The buck stops with him like any other CEO. He makes the day to day operational decisions that spells life or death to a corporation and in this case death is a very real possibility all based on a gamble. But what I don't understand is that since he is a trained geologist how he could justify that gamble when going after the crude in an enviromnmentally sensitive area at a mile below the surface of the ocean."

      The Addington perpwalk is the trailhead for accountability in this wound on our national psyche. [ know: Dick Cheney's "top" lawyer.] --Sachem

      by greenbird on Fri Jun 18, 2010 at 04:52:44 PM PDT

      [ Parent ]

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