BP yet to decide on CEO Hayward's exit

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BP
London, Jul 26: Rejecting speculations in the media that BP was set to replace chief executive officer Tony Hayward, the company has clarified that “no final decision" has been made about management changes.

"BP notes the press speculation over the weekend regarding potential changes to management and the charge for the costs of the Gulf of Mexico oil spill. BP confirms that no final decision has been made on these matters," the company said in a statement to the London Stock Exchange.

The oil major's board is scheduled to meet on Monday, Jul 26 evening ahead of the announcement of second quarter earnings on Tuesday, Jul 27. The approval of the board is required for any change in leadership to be affected.

Over the weekend, several media reports emerged stating that Hayward was negotiating the terms of his departure. Anonymous US government officials were also quoted as confirming that Hayward was making an exit as the CEO.

BP Plc is expected to install an American troubleshooter as chief executive in the next 24 hours, the British media had said earlier and identified Bob Dudley, the American who is managing the response operation to the spill in the Gulf of Mexico, as the top choice for the post.

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