BP name new chief executive Bob Dudley

BP's chief executive Tony Hayward is to be replaced by Bob Dudley, the day the oil giant's second quarter earnings are published.

On Monday it was revealed that Mr Hayward, who has made a series of gaffes in his handling of the Gulf of Mexico oil spill, will receive an immediate £600,000-a-year pension when he leaves the company.

Sebastian Usher reports.