Sunday, July 25, 2010

US Officials: BP CEO Hayward is Out

BP denies its embattled chief executive Tony Hayward will resign this week, as the company prepares to report its largest ever quarterly loss due to the Gulf oil spill.  But US officials confirmed weekend buzz that the embattled CEO is on his way out. They said they were brief by a senior BP representative last week that Hayward would be stepping down.  

The reports were swirling all weekend about Hayward's demise.  Citing unnamed sources, UK newspaper The Sunday Times reported that BP's board will decide on Hayward's fate when it meets on Monday.  And the Wall Street Journal reported that the company is getting close to naming American Bob Dudley, who has been heading up the company's Gulf spill response, to succeed Hayward.

A BP spokesperson confirmed only that the board is meeting ahead of the company's second quarter earning announcement on Tuesday, but clarified that the meeting is standard procedure — not a special meeting to discuss Hayward's fate.  "Tony Hayward is our chief executive and has the full support of the board and management," the spokesperson said. "We don't comment on speculation."  The company similarly refutes any speculation its chairman, Carl-Henric Svanberg may resign.  It has been widely speculated BP will move to replace its top leadership once the company permanently caps the ruptured Macondo well in the Gulf of Mexico in order to begin a new chapter. 

BP (BP): 36.86  52wk 26.75-62.38

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