Jane Wardell

(The Associated Press) British Petroleum's outgoing CEO Tony Hayward, poses for the media outside their global headquarters in London on Tuesday. The company announced that Hayward, BP's much-criticized CEO will be replaced by American Robert Dudley on Oct. 1, as it reported a record quarterly loss and set aside $32.2 billion to cover costs of the devastating Gulf of Mexico oil spill. BP said the decision to replace Hayward, 53, with the company's first ever non-British chief executive was made by mutual agreement.

BP replaces CEO Hayward, reports $17 billion loss

Last updated Tuesday, July 27, 2010 - 11:19am

NEW ORLEANS — The American picked to lead oil giant BP as it struggles to restore its finances and oil spill-stained reputation pledged Tuesday that his company will remain committed to the Gulf region even after the busted well is sealed.

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