Tony Hayward to Resign as BP CEO

Posted in BP British Petroleum,Deepwater Horizon on July 26, 2010

Tony Hayward, BP CEO, is expected to resign as CEO before Tuesday according to reports from several news outlets.

BP CEO Tony Hayward's departure is imminent

U.K.’s Telegraph reports:

The chief executive of BP, Tony Hayward, is finalizing the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive’s future possibly within the next 48 hours.

After a weekend of detailed negotiations over Mr Hayward’s severance package, it now appears almost certain that he will announce his departure ahead of BP’s half year results on Tuesday.

The Wall Street Journal reports:

Under the plan being discussed, Mr. Hayward would not necessarily depart immediately, these people said, giving the company time to settle on a successor and devise and orderly transition. It is possible, however, that the board could move more quickly in tapping a new chief.

The U.K.’s Guardian also reports that Hayward will be replaced by Bob Dudley. Dudley is managing the day-to-day Gulf Oil spill operations.

In a statement issued to Dow Jones Newswires, a BP spokesman said : “Tony Hayward is the chief executive and has the confidence of the board and senior management.”