BP concerns dominated by perception, publicity, reputation, not actual damage
BP's board is expected on Monday to name an American, Robert Dudley, as its chief executive, replacing Tony Hayward, whose repeated stumbles during the company's three-month oil spill in the Gulf of Mexico alienated federal and state officials as well as residents of the Gulf Coast.
keep in mind that this isn't exactly a model example of accountability. Hayward isn't being canned because of BP's poor safety record, which had been established long before the disaster in the Gulf.Instead, Hayward is being canned because BP thinks he wasn't a good spokesman. In other words, BP thinks their problems have more to do with the nationality of their CEO than the consequences of their corporate policies. And with their new pick, selecting a long-time BP insider to replace Hayward, BP is signaling that they have no real intention of changing anything about how they do business. The only thing they want to change is the accent. But even if this move does end up helping BP's shareholders in the short-term, it won't make anybody safer or more secure, and it won't help stop their next disaster. It's an image move, having nothing to do with substance.
-- Jed Lewison