BP's Dudley Shakes Up Management

BP shook up its senior management team just days before Bob Dudley takes over as CEO of the giant oil company.
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Updated from 5:53 a.m. EDT

LONDON (

TheStreet

) --

BP

(BP) - Get Report

shook up its senior management team just days before Bob Dudley takes over as CEO of the giant oil company.

BP, in a statement to the London Stock Exchange Wednesday, said Andy Inglis would relinquish his role as head of the company's upstream business.

Inglis' future as head of exploration and production has long been speculated about in the wake of the company's

massive oil spill in the Gulf of Mexico

in April.

Inglis will step down as a main board director on Oct. 31 and will leave the company at the end of the year, BP said.

BP also said Wednesday it had created a safety division to "oversee and audit the company's operations around the world."

The group will be led by Mark Bly, who will report directly to incoming CEO Dudley.

Dudley takes over from CEO Tony Hayward on Friday.

The

Financial Times

first reported the news of the BP management shakeup.

Dudley said Wednesday the upstream segment would be restructured into three functional divisions -- exploration, development and production. Dudley also said BP would carry out a "detailed and wide-ranging review of how it manages third-party contractors. "

"These are the first and most urgent steps in a program I am putting in place to rebuild trust in BP -- the trust of our customers, of governments, of our employees and of the world at large," Dudley said, in a statement. "That trust is vital to the restoration of shareholder value which has been so adversely affected by recent events. "

-- Written by Joseph Woelfel

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Joseph Woelfel

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.massive Gulf of Mexico oil spill in April, the

FT

notes.