BP Boss Tony Hayward likely to quit within 24 hours

BP Boss Tony Hayward likely to quit within 24 hours


The chief executive of troubled British oil giant BP, Tony Hayward, was negotiating his terms of departure on 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.
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).
BP has said that Hayward “has the support of the board and management” but has declined to make further comment on media reports.

Post: KhaleejTimes



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