- Greece Pours $22.6 Billion Into Its Four Biggest Banks
- US Markets Will Be Watching Europe—And Jobs Report
- China's Economic Rebalancing Only Geographical
- Spain's Debt Costs Near Danger Level: Is Bailout Next?
- Samsung Galaxy S3 Gets Head Start on iPhone
- India's Tumbling Rupee Roils Convertible Bond Market
- Law Firm Dewey Files Chapter 11, Seeks Liquidation
- Greek Contagion Could Drag Euro Below $1.19: Charts
- Japan's Marubeni Nears $5 Billion-Plus Gavilon Deal
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
MOST SHARED
- China Rebalances Economy by Shifting Focus Inland
- China Bank Loans Pick Up After Infrastructure Push
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Samsung Galaxy S3 Gets Head Start on iPhone
- Panasonic to Slash Up to 4,000 Jobs; Shares Rise
- Spain's Borrowing Costs Near Danger Level: Bailout Next?
- Greece Pours $22.6 Billion Into Four Biggest Banks
- Crude Prices Stay Firm as US Markets Reopen
- PTT Looks to Tap East African Gas via Cove Energy Bid
- European Firms Plan for Greek Unrest and Euro Exit
MOST POPULAR
HOT ON FACEBOOK
Hayward Is Sacrificial Lamb Sent to Siberia: Rogers
Text Size 
Deputy News Editor, CNBC.com
The changes at the top of BP's management announced Tuesday are just a symbolic gesture, Jim Rogers, chairman of Rogers Holdings, told CNBC in an interview.
BP confirmed that embattled CEO Tony Hayward will step down in October, to be succeeded by fellow executive director Robert Dudley. At the same it reported a $17 billion loss for the second quarter.
"Tony Hayward happened to be at the wrong place at the wrong time, they needed a sacrificial lamb, they have sent a sacrificial lamb to Siberia," Rogers said.
"I think he'll have more fun in Siberia than in Mississippi or Alabama right now because he's so disliked down there," he added.
Rogers, a hedge fund pioneer who started the Quantum Fund with George Soros 1970, is not taking any position on BP stock, because in cases of oil disasters like this, "there is plenty of time to watch and wait."
BP [BP-LN
Loading...
()
] [BP
Loading...
()
] announced that Dudley, the US executive managing BP's efforts to respond to the spill in the Gulf of Mexico, will get the CEO job on Oct. 1.
Hayward has come under intense criticism from US politicians for the company's reaction to the worst oil spill in US history.
"A lot of this is politicians just trying to get themselves on TV or in the press to make a name for themselves. They have not helped this at all," Rogers said.
He said that many of the problems in this case stemmed from the fact that "the government has improper regulations or didn't supervise things in the first place."
"Whenever something goes wrong, unfortunately in America, we blame other people. Especially politicians always find somebody to blame; instead of acknowledging their own responsibilities to some extent, they blame other people."
Rogers said he does not expect a takeover of BP because the potential liabilities "are so huge."
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- Our financial system is still not designed to meet the needs of poor families, says this author.
- Statistics show there aren’t many women billionaires compared to their male counterparts. Why?
- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
Data is a real-time snapshot *Data is delayed at least 15 minutes
