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Business

BP chief executive Hayward 'on brink of quitting'

Text by News Wires

Latest update : 2010-07-26

The BBC reported on Sunday that BP's chief executive officer Tony Hayward, who came under fire for his handling of the Gulf of Mexico oil disaster, was negotiating his terms of departure ahead of a board meeting scheduled for Monday.

AFP - The chief executive of troubled British oil giant BP, Tony Hayward, was negotiating his terms of departure Sunday and is likely to quit within 24 hours, the BBC reported.

The British broadcaster said it had been told by a senior BP source that an announcement was due shortly on Hayward, whose future has been in doubt for several weeks over his handling of the Gulf of Mexico oil spill.

The BBC added that there was a "strong likelihood" that he would be replaced by Bob Dudley, who took over management of BP's response to the spill from Hayward last month.

Earlier, the Sunday Telegraph newspaper reported that Hayward was poised to resign before BP announces its half-year results on Tuesday. The BP board is expected to meet on Monday ahead of the announcement.

Reports have suggested for days that Hayward would resign at some point in the coming weeks as BP battles to recover its reputation in the wake of the massive oil spill.

The Sunday Telegraph said that there could be wrangling over Hayward's severance package, under which he is likely to be paid a minimum figure of just over one million pounds (1.5 million dollars, 1.2 million euros).

Asked about the BBC report, a BP spokesman told AFP he would not comment on speculation, but said: "Tony Hayward is our chief executive. He has the full support of the board and management."
 

Date created : 2010-07-25

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