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The Associated Press September 26, 2011, 6:47PM ET

Hayward resigns from board of BP's Russia venture

Tony Hayward, the former head of BP who had to step down after the disastrous Gulf of Mexico oil spill, has stepped down from the board of BP's joint venture in Russia, the company said on Monday.

TNK-BP said Hayward informed the board that he would step down "in order to pursue other opportunities." Mikhail Fridman, the executive chairman of TNK-BP Ltd. said Hayward played "an integral role in making TNK-BP the successful business it is today."

The company said a replacement for Hayward has not yet been named.

Hayward was CEO of BP at the time that a Gulf oil rig being operated on its behalf exploded in April 2010, killing 11 workers and beginning the worst oil spill in U.S. history. He announced his plan to resign in July 2010 after a series of gaffes in the aftermath of the spill. BP said in October 2010 that it would recommend him for the board of the joint venture. Hayward had also served a five-year stint on the board previously.

TNK-BP also said it plans to pay an additional dividend payout to shareholders totaling $1.25 billion for the first half of 2011.

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