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TMCNet: Out With the Old, in With the New: BP Plc Replaces CEO Tony Hayward with Robert Dudley (BP)

[July 27, 2010]

Out With the Old, in With the New: BP Plc Replaces CEO Tony Hayward with Robert Dudley (BP)

Jul 27, 2010 (SmarTrend News Watch via COMTEX) -- BP Plc (NYSE:BP) officials said Tuesday that CEO Tony Hayward will be replaced by Robert Dudley, as anticipated, and that the oil giant plans on putting aside $32.2 billion to fund costs of the Gulf of Mexico oil spill.


Robert Dudley will assume the position of BP's CEO October 1st, and Hayward will remain on the company's board during a transition period.

"The board is deeply saddened to lose Tony as our CEO," said BP chairman Carl-Henric Svanberg in a conference call this morning. "BP will change as a result of this accident." In his first public remarks since speculation over his departure, Hayward commented, "Today is a very sad day for me. I know that with Bob as my successor I leave BP [in] safe and able hands." New CEO Dudley acknowledged the massive challenges the company faces, but said that he "...[knows] BP has a great portfolio of very strong businesses and great professional teams around the globe to ensure we're back on the road to recovery." SmarTrend is bullish on shares of BP and our subscribers were alerted to buy on July 07, 2010 at $32.71.; the stock has risen 16.5% since the alert was issued.

BP is currently above its 50-day moving average (MA) of $35.77 and should find resistance at its 200-day MA of $51.50.

In the last five trading sessions, the 50-day MA has fallen 3.25% while the 200-day MA has slid 0.73%.

Shares of the oil giant are trading down 1.35% Tuesday afternoon at $38.13.

Write to Chip Brian at cbrian@tradethetrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup

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