Robert Dudley, who will replace Tony Hayward on October 1, promised changes in light of the environmental disaster. "There's no question we are going to learn things from this investigation of the incident," he told reporters by phone from London after the announcement was made.

One certain change is that BP will become smaller. It announced it will sell $30 billion in assets and has set aside $32.2 billion to cover costs from the largest offshore oil spill in U.S. history.

Dudley, BP's managing director and current point man on oil spill recovery, defended his company's record and that of the embattled chief executive he will replace.

Hayward, whose verbal miscues intensified the anger Gulf Coast residents already felt, will leave BP with benefits valued at more than $18 million. He told reporters he had been "demonized and vilified" but had no major regrets about his leadership.

The White House was not impressed with Hayward's comments.

"What's not fair is what's happened on the Gulf," press secretary Robert Gibbs said. "What's not fair is the actions of some have caused the greatest environmental disaster that our country has ever seen."

AP