BP shares fall to lowest in 13 years as Hayward hands over spill control to managing director

BP shares fall to lowest point in 13 years

LONDON — BP shares have fallen to their lowest point in 13 years as CEO Tony Hayward hands over control of the Gulf of Mexico oil spill cleanup to managing director Bob Dudley.

Stocks in BP traded as low as 333 pence ($4.95) in London on Tuesday, the weakest since February 1997. The shares closed 4.4 percent lower at 334.20 pence.

Hayward is still overseeing the response to the spill but he is gradually transferring responsibility to Dudley, a 54-year-old American who lost out to Hayward for the CEO position slot three years ago, BP PLC spokesman Jon Pack said.

“The transition is happening right now,” Pack said Tuesday.

Dudley will still report to Hayward, who BP has said needs to focus on running the company.