Carl-Henric Svanberg told Britain's Sky News Friday BP's CEO is being relieved of day-to-day responsibility for managing the Gulf oil spill.
The $20 billion escrow account is good news, but efforts to speed up the BP oil spill claims process are behind the curve, Louisiana business owners say.
BP CEO Tony Hayward insisted Thursday he was "devastated" by the BP oil spill and denied shunning tough questions from a House subcommittee.
The Gulf oil spill has exposed both linguistic and cultural chasms between America and Europe. BP's Swedish chairman Carl-Henric Svanberg apologized for calling Gulf residents 'small people.'
BP 'Small People' comment and oil spill blasted on Capitol Hill Thursday during congressional testimony by BP CEO Tony Hayward.
BP CEO Tony Hayward will make remarks on the BP oil spill during Congressional testimony Thursday.
Kenneth Feinberg is President Obama's choice to run the $20 billion escrow fund for claims against BP in the Gulf oil spill disaster. Mr. Feinberg also ran the 9/11 victim compensation fund.
BP quarterly dividend to shareholders will be suspended due to the oil spill in the Gulf of Mexico.
President Obama wants BP to set aside more money for its Gulf oil spill liabilities. Rising estimates of cleanup costs are putting financial pressure on the firm.
President Obama wants BP oil spill claims to be paid through an escrow account funded by BP. The plan comes as BP is weighing whether to pay dividends to shareholders.