So long, farewell, aufwiedersehen, goodbye
BP chief Tony Hayward 'negotiating exit deal'
Tony Hayward AKA Michael Sheen
BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learned.
Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.
An official statement issued by BP in response said he had the "full support of the board and senior management".
BBC business editor Robert Peston says Mr Hayward is likely to be replaced by his American colleague, Bob Dudley, who is in charge of the clean-up operation.
While BP has been preparing for a change at the top for some time, the company was waiting until progress had been made on stemming the leak and until it was possible to quantify the financial costs of the disaster, our correspondent adds.
BP is due to release its results for the second quarter on Tuesday. It is expected to reveal a provision of up to $30bn (£19bn) for the costs of the clean-up, compensation claims and fines to be paid, resulting in a massive quarterly loss. It has also lost 40% of its market capitalisation.
BP's board is scheduled to meet on Monday ahead of the results, when it is expected to discuss the timing of Mr Hayward's exit.
The official overseeing the US government response to the oil spill has meanwhile said the operation to plug the ruptured Macondo well permanently has been put back to allow more time for preparatory work.
Retired Coast Guard admiral Thad Allen said the last bit of pipe needed for the process would be put in place in the coming this week, with the actual plugging operation starting in the first week of August.
A temporary cap has stopped oil from gushing for more than a week.
More @ source about his various fuck ups and the dude taking over: www.bbc.co.uk/news/business-10753573
Tony Hayward AKA Michael Sheen
BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learned.
Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.
An official statement issued by BP in response said he had the "full support of the board and senior management".
BBC business editor Robert Peston says Mr Hayward is likely to be replaced by his American colleague, Bob Dudley, who is in charge of the clean-up operation.
While BP has been preparing for a change at the top for some time, the company was waiting until progress had been made on stemming the leak and until it was possible to quantify the financial costs of the disaster, our correspondent adds.
BP is due to release its results for the second quarter on Tuesday. It is expected to reveal a provision of up to $30bn (£19bn) for the costs of the clean-up, compensation claims and fines to be paid, resulting in a massive quarterly loss. It has also lost 40% of its market capitalisation.
BP's board is scheduled to meet on Monday ahead of the results, when it is expected to discuss the timing of Mr Hayward's exit.
The official overseeing the US government response to the oil spill has meanwhile said the operation to plug the ruptured Macondo well permanently has been put back to allow more time for preparatory work.
Retired Coast Guard admiral Thad Allen said the last bit of pipe needed for the process would be put in place in the coming this week, with the actual plugging operation starting in the first week of August.
A temporary cap has stopped oil from gushing for more than a week.
More @ source about his various fuck ups and the dude taking over: www.bbc.co.uk/news/business-10753573