BP boss Tony Hayward has confirmed he will step down after the company posted losses of £11bn for the second quarter of the year.

The under-fire BP chief will instead be nominated for the role of non-executive director of Russian joint venture TNK-BP.

American Bob Dudley will replace Mr Hayward from October 1, becoming the company's first foreign chief executive.

Mr Hayward told reporters he had thought "long and hard" about the right course of action before deciding that to move forward in the US, BP needed new leaderdship.