BP’s Tony Hayward to depart in October
As widely expected, it has been announced today that BP chief executive, Tony Hayward, will step down in in October.
Fifty-three-year-old Hayward has faced severe criticism for the way he has handled the major oil leak and made an insensitive comment in May after saying “I want my life back”.
His comments came after the explosion on the BP oil rig on 20 April took the lives of 11 people. The explosion led to thousands of barrels of oil leaking from the damaged well.
Just a few weeks after, Mr Hayward faced fresh criticism for attending a yachting event on the Isle of Wight.
He took time out from the ongoing Gulf of Mexico oil leak to go sailing with his son at the JP Morgan Asset Management Round The Island Race last month.
As a result, Mr Hayward, who has been with the company for 28 years, has come under increasing pressure to resign.
Meanwhile, a spokesperson for BP said Mr Hayward will be put forward for a position with the firm’s Russian operations.
Media reports have said Mr Hayward has been discussing his severance package with senior management over this past weekend but no details of his financial package have been disclosed.
There is speculation that Mr Hayward will be replaced by American colleague Bob Dudley, who is in charge of the clean-up operation.
The company is due to report its second-quarter results tomorrow. It is expected to report a significant quarterly loss due to the costs related to the Gulf of Mexico disaster.
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