BP (NYSE: BP) may have survived the Gulf coast oil spill but the company is undergoing a major change. The company’s long time name is likely to change. The company is already cleaning out top level management with CEO Tony Hayward expected to lose his position. Top level management will be dismissed due to the poor handling of the oil crisis. The next thing to likely go away is the BP name. BP has to change the company name in order to move forward. The new name will be familiar to old customers, Amoco.
The name Amoco still has goodwill in America and will allow the company to shred its permanently damaged name. This is a good move for BP because the American public has a short memory. Over time consumers will forget that Amoco was ever BP and the company will be able to resume operations in the U.S. without its current stigma.