On Tuesday, oil giant, BP, launched a plan to repair its battered image in the United States, ditching its blunder-prone chief executive and trebling an asset sale target to 30 billion U.S. dollars.
BP faces public anger over the biggest oil spill in U.S. history.
However, the company tempted further fury by denying need for cultural change and by offsetting the costs of the spill, including expected fines, against its taxes.
The tax move will cost the U.S. taxpayer almost 10 billion U.S. dollars.
BP says Tony Hayward will stand down in October, and be replaced by American Bob Dudley.
The company unveiled a 17 billion U.S. dollar quarterly loss due to the costs of the Gulf of Mexico spill.
BP's leaking well was capped a fortnight ago after gushing up to 60,000 barrels per day into the Gulf, ruining fishing and tourism industries, and polluting the shoreline with black slime.
BP says final procedures to kill the well may begin late next week.
BP Chairman, Carl-Henric Svanberg, says the company will take a hard look at itself in the aftermath of the spill, and go forward anew.
Despite some investors claiming Svanberg did too little to help defend BP against critics, Svanberg says he will not resign.
[BP Chairman, Carl-Henric Svanberg]:
"I serve at the behest of the board and they have repeatedly and explicitly asked me to stay on and that's what I am doing."
Dudley says there will definitely be changes made to move BP forward--now until October being the transition stage.
Investors cheered reports of Hayward's imminent departure on Monday, sending BP shares up nearly 5 percent.
BP says it plans to sell assets worth up to 30 billion U.S. dollars over the next 18 months to pay for its liabilities and create a leaner company with the potential for higher growth.