Bob Dudley, the new chief executive of BP, has promised to put the embattled oil major “on the road to recovery”.
Dudley says he is not underestimating the difficult task ahead, but believes the firm is "financially robust" with an "enviable" portfolio of assets.
"I believe this combination - allied to clear, strategic direction - will put BP on the road to recovery," he says.
Dudley takes over the post in October when current CEO Tony Hayward moves to work on TNK-BP, the firm's Russian joint venture.
BP chairman Carl-Henric Svanberg, the company chairman, says he is "deeply saddened" to lose Hayward, but emphasised BP's need for new leadership.
"The tragedy of the Macondo well explosion and subsequent environmental damage has been a watershed incident. BP remains a strong business with fine assets, excellent people and a vital role to play in meeting the world's energy needs.
"But it will be a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board," he says.
Hayward says he feels "deeply responsible" for the oil rig explosion, in which 11 people died.
"BP will be a changed company as a result and it is right that it should embark on its next phase under new leadership," he says.
Under the terms of Hayward's contract, he will receive a payout of £1.045m, equivalent to one year's salary and a £600,000 annual pension when he steps down.
