Many corporations actively shape and manage their reputations to increase their competitive advantage. In the wake of the mortgage meltdown and the failure of giants Bear Stearns and Lehman Brothers, for example, many companies in the finance industry began searching for new ways to bolster legitimacy. Citigroup, Merrill Lynch, and Wachovia all ousted their chief executives over mortgage-related issues, partly as a way to signal a commitment to better business practices. The board of oil giant BP asked Tony Hayward to resign as CEO due to his mishandling of the Deepwater Horizon oil spill crisis and brought in a new CEO they believed could take the steps needed to restore the company’s reputation.