Management Turnover as Change Agent

Wednesday, October 28, 2009

Praise for BP's CEO

Tony Hayward, the CEO of oil giant BP, deserves credit for BP’s latest performance. According to in the New York Times,

The worst may be over for the major oil and gas companies, if BP is any sign. The oil giant’s profit almost halved in the third quarter from 2008. But the drop was less than investors feared and income rose from the preceding quarter. Tony Hayward, the chief executive, can take as much credit as the recovering oil price for BP’s performance.

Hayward took over the CEO post at BP back in May 2007 after BP’s CEO at the time, Lord Brown, resigned after a legal injunction was lifted that had prevented publication of details about his private life.

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