BP CHIEF TONY HAYWARD `SET TO STAND DOWN`

26.07.2010 [16:43]
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Baku, July 26 (AZERTAC). BP`s board is expected to discuss Mr Hayward`s departure BP`s chief executive Tony Hayward is expected to stand down following widespread criticism of his handling of the Gulf of Mexico oil spill.

Mr Hayward`s performance in the crisis has been widely criticised.

A statement issued by BP said a board meeting was being held on Monday and "no final decision has been made".

But BBC business editor Robert Peston says the board has in effect made up its mind that Mr Hayward is going, even if the decision is not yet ratified.

The firm, which said over the weekend that Mr Hayward had the board`s full support, added that "any decisions will be announced as appropriate".

Mr Hayward is likely to be replaced by his American colleague, Bob Dudley, who has taken charge of the clean-up operation.

BP`s board are to sign off accounts, and these will also be discussed on Monday evening.

The accounts will cover spill compensation and costs of up to £19bn, and may result in the worst quarterly loss for a UK firm.

They are also likely to discuss terms of Mr Hayward`s severance package.

BP CHIEF TONY HAYWARD `SET TO STAND DOWN`

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