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U.S. markets recover from steep losses
LONDON, Sept. 29 (UPI) -- The man who takes the helm of BP Friday says the company will set up a powerful new global safety division and make other changes in the way it operates.
Robert Dudley, incoming chief executive, said Wednesday BP's new division is designed to improve risk management and safety and also manage agreements with contractors, The New York Times reported.
The changes come in the wake of April's explosion and oil spill that killed 11 people and leaked millions of barrels of oil into the Gulf of Mexico.
Dudley, who was in charge of the Gulf cleanup effort, succeeds outgoing BP chief Tony Hayward who defended the company's safety record at a hearing in London this month.
Dudley said the changes he plans are intended to rebuild trust in BP.
"That trust is vital to the restoration of shareholder value which has been so adversely affected by recent events," he said.
BP shares rose 2.7 percent in early trading in London Wednesday after dropping some 35 percent since the oil rig explosion.
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