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The Times reports that the embattled BP CEO has has agreed to step down and be replaced by Robert Dudley, the company’s most senior American executive who is now in charge of BP’s operations in the Gulf of Mexico. The decision might be announced publicly this Tuesday, and will likely go into effect this fall. Looks like he'll get his life back, after all.
BP’s board would have to approve a change in company leadership. An official announcement could come as early as Monday.
BP is due to release its second quarter results on Tuesday, and the board of directors is scheduled to meet before the earnings announcement.