BP chief expected to step down imminently
BP is widely tipped to attempt to draw a line under its Deepwater Horizon oil spill disaster by announcing the departure of chief executive Tony Hayward tomorrow.
Tony Hayward: BP chief is expected to step down
Hayward's handling of the crisis has deepened the company's unpopularity in the US. He made a number of PR gaffes including saying he wanted his "life back" and was criticised by the press for sailing in his yacht in the oil-free waters around the Isle of Wight.
Several reports including Sky News and The Sunday Telegraph claim he is negotiating the terms of his departure from the company, which will be finalised at a board meeting today.
The Deepwater Horizon rig exploded in April, killing 11 workers, and resulting in the leak of more than a million of barrels of oil into the Gulf of Mexico before BP finally capped the damaged well last week.
The company is due to reveal the financial impact of the disaster in its quarterly results tomorrow.
Analysts are predicting the company will take a provision in the region of $30bn to meet the costs, which could lead it to a pre-tax loss of up to $25bn.
The growing crisis led BP to cancel in May a planned pan-European digital and mobile push for its Ultimate premium fuel.
BP issued a statement over the weekend, saying: "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."
A BP spokesman today declined to be drawn on Hayward's future and said it was usual to have a board meeting the day before a results announcement.
Picture credit: ©BP plc
This article was first published on marketingmagazine.co.uk
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