According to recent reports:
The chief executive of BP, Tony Hayward, is finalizing the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive’s future possibly within the next 48 hours.
After a weekend of detailed negotiations over Mr Hayward’s severance package, it now appears almost certain that he will announce his departure ahead of BP’s half year results on Tuesday. According to consensus estimates, those results are expected to show that BP has made profits of nearly $10bn so far this year, despite the Deepwater Horizon disaster which has left the oil company facing bills of many billions of dollars.
It is now thought to be widely agreed by the BP board that it is only with Mr Hayward’s departure that the company can draw a line under the Gulf of Mexico disaster and plan for the future. The chairman, Carl-Henric Svanberg, is now believed to agree that Mr Hayward should go and that BP needs to announce a root-and-branch change of operational culture.
Sources close to the chairman have said that Mr Svanberg has been surprised by some of the operational systems at the company.
The board is scheduled to meet tomorrow and it only appears to be a last-minute hitch on the politically sensitive severance package that could derail the announcement.
The US President and federal government will pore over any details for signs that Mr Hayward has been “rewarded for failure”.
If the details can be agreed, Mr Hayward will be paid at least £1.045m, equivalent to a year’s salary, on leaving BP but is almost certain to demand more in compensation for agreeing to go for the good of the company where he has worked for 28 years.
This is from one of the British publications (sometimes suspect news), so we will see what is to become of all this…