BP CEO Tony Hayward to resign, say analysts

Sunday, July 25, 2010

BP Chief Executive Anthony Bryan "Tony" Hayward is negotiating the terms of his departure and will stand down from the company; effectively taking responsibility for the Deepwater Horizon oil spill in the Gulf of Mexico, according to journalists. The New York Times cites an anonymous source "close to the board", and the BBC's business editor makes a similar analysis. It is expected that President and CEO of the company's Gulf Coast Restoration Organization Bob Dudley, a Mississippi native, member of the Board of Directors, and most senior American executive of BP, will replace Tony Hayward as Chief Executive.

A report by the BBC World Service said a BP press release asserted that, "[Hayward] has the full confidence of the Board." The resignation, and change of leadership, at the multinational UK-based oil firm are expected to be discussed by the company's Board of Directors on Monday, and will potentially be ratified as early as Tuesday.

Hayward's position was, essentially, undercut when United States President Barack Obama said he "would have fired him."

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Sources

BBC News. "BP chief Tony Hayward 'negotiating exit deal'" — BBC World Service, July 25, 2010
Clifford Krauss and Jad Mouawad. "As BP Lays Out Future, It Will Not Include Tony Hayward" — New York Times, July 25, 2010
"'If he was working for me I'd sack him' – Obama turns up heat on BP boss" — The Guardian, June 8, 2010

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