Bp's Tony Hayward 'set To Step Down'

[Woot]

BP chief executive Tony Hayward is preparing to step down within the next 10 weeks, according to a report this morning, as the embattled oil giant announced plans to sell $7bn (£4.6bn) of gas assets for its Gulf of Mexico clean-up fund.

Hayward was heavily criticised for his reaction to the Deepwater Horizon disaster including the statement, "I want my life back", that led to accusations of insensitivity. The beleaguered chief executive may get his wish soon, amid a growing expectation that the 53 year-old will announce his departure in late August or September.

Quoting sources close to BP, the Times reported that his exit is expected before 1 October if the ruptured well is sealed and his exit could be announced alongside a new strategy being hammered out for the group called Future BP. An insider said Hayward's departure formed part of the group's defence against any attempted buyout by ExxonMobil or Royal Dutch Shell.

Robert Dudley, the American (quelle surprise) who runs BP's Gulf Coast Restoration Organisation, has been heavily tipped to succeed Hayward.

A spokesman for BP, however, told Reuters that Hayward "has full support from the board and will remain in place".

Speculation about Hayward's future coupled with news about disposals by the oil giant, helped shares in BP open up 10.55p at 398p, a rise of almost 3%.

Any excuse to play a good tune!!

[Guest Noodle]

I think it's best for him and BP. I do wonder how much this Libyan thing plays a part though.

[Woot]

I think it's best for him and BP. I do wonder how much this Libyan thing plays a part though.

Indeed - seems very much driven by and for the Americans... and it's confirmed now that he's going. Dare say he'll not have any probs living off the proceeds though

[Guest Noodle]

Indeed - seems very much driven by and for the Americans... and it's confirmed now that he's going. Dare say he'll not have any probs living off the proceeds though

Good for him.

[Guest X-QUORK]

Look, Love Plus One was a great single, but did that really qualify Haircut 100's lead singer to run the worlds largest oil company?

I'm glad he's gone and we can get a proper oil professional like J.R Ewing in.

Wibble.

[Woot]

As a shareholder of BP, (I bet you couldn't tell could you), to be fair to Tony, he's done a lot of good in his reign and indeed the share price (up until the Deep water Horizon incident), was responding accordingly.

BP is 40% owned by the Americans, unfortunately they, are as a nation, too bl00dy stupid to realise this, plus, you have Oh bed - wetter, talking 5h1te showing he's a boy doing a man's job. And they thought shrub was bad.

BP has been as open as it possibly could be when the incident erupted, you have a look at how the American corporation dealt with Bhopal. BP may have it's issues but go have a look at American or, indeed, Chinese Corporations, then tell me which is at least trying to do the right thing when it messes up.

Edit: Beer.

Indeed - there's little doubt that he's a scapegoat in this. I found the US inquiry, before which he gave evidence, absolutely disgraceful with overt grandstanding prior to elections - he was little more than a stooge for their antics. A shame to end a career in this way, however I'm sure he will be comfortable on the exit arrangements.

[Guest Absolutely Fabulous]

Indeed - there's little doubt that he's a scapegoat in this. I found the US inquiry, before which he gave evidence, absolutely disgraceful with overt grandstanding prior to elections - he was little more than a stooge for their antics. A shame to end a career in this way, however I'm sure he will be comfortable on the exit arrangements.

11 million plus in pension deal. You could call me fit to burn and kick me round the town-hall square with hob-nail boots for that.