Tue | Jul 14, 2020

BP boss to step down

Published:Monday | July 26, 2010 | 1:15 PM

Oil giant BP's chief executive Tony Hayward is expected to step down following widespread criticism of his handling of the Gulf of Mexico oil spill.

Hayward's performance in the crisis has been widely criticised.

A statement issued by BP has said no final decision was made at a board meeting held earlier today.

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

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

BP's board is to sign off accounts, and these will also be discussed later today.

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

The board is also likely to discuss the terms of Hayward's severance package.