After a long series of unhappy and confusing events, it was finally decided that Tony Haywards will be stepping down from his post as the CEO of British petroleum (BP).

This is said to be the biggest loss that Britain has faced in its corporate history because BP is a British company and Tony was a Briton. Now there are talks that he would be replaced by an American.

The step was taken since Tony was said to have failed in handling the process of oil spill that took place in the Gulf of Mexico. BP has already set aside $32.2 billion out of its second quarter results to taken care of the calamity.

Because of this, BP had to face a loss of $17 billion as compared to having a profit of $3.1 billion last year. It is also planning to sell assets worth of $30 billion within the period of next 18 months.

Oil began to spill after an explosion took place in the Deepwater Horizon rig on April 20.

Meanwhile, Tony has been promised a pay off of £1million and is expected to be getting a pension of around half a million a year.