BP to Discuss CEO Hayward’s Exit on Monday

BP to Discuss CEO Hayward’s Exit on Monday
BP chief Tony Hayward ‘negotiating exit deal’

Sunday, July 25, 2010

The boss of troubled oil giant BP, Tony Hayward, is poised to quit within days, the Sunday Telegraph newspaper reports.

Hayward, who has been heavily criticized over his handling of the Gulf of Mexico oil spill crisis, is set to step down before BP announces its half-year results on Tuesday, the paper said.

Reports have suggested for days that Hayward would resign at some point in the coming weeks as British-based BP battles to recover its reputation in the wake of the 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 just over £1.045 million ($1.614 million).

BP has said that Hayward ‘has the support of the board and management’ but has declined to make further comment on media reports.
The Press Association learned that the BP board will meet ahead of Tuesday’s release of the oil giant’s latest interim results.

Meanwhile the BBC has claimed that Hayward is currently in talks over a compensation deal, with the outcome likely to be settled and made public by the close of tomorrow.

A spokesman for BP maintained that the chief executive continued to have the ‘full support of the board and senior management’ and that the company would not comment on ‘speculation.’
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• Source(s): Telegraph Media Group Ltd., Press Association, British Broadcasting Corporation and Independent Television News


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