Associated Press - July 27, 2010 6:44 AM ET
LONDON (AP) - BP says Tony Hayward will step down as chief executive officer on Oct. 1 to be succeeded by American Robert Dudley.
In a statement accompanying its earnings update today, BP says the decision was made by "mutual agreement."
Currently BP's managing director, Dudley grew up partly in Hattiesburg, Miss., and has so far avoided any public missteps. He spent 20 years at Amoco Corp., which merged with BP in 1998, and lost out to Hayward on the CEO slot three years ago.
The company says Dudley will be based in London when he takes up his appointment.
Hayward will remain on the board until Nov. 30 and BP plans to nominate him as a non-executive director of its Russian joint venture TNK-BP.