Monday, July 26, 2010

Tony Hayward Leaving BP (NYSE:BP) Oil October 1st

There has been much speculation and rumors surrounding Hayward's leaving BP (NYSE:BP) oil. A source spoke on the condition of anonymity due to the company not revealing their plans to the public yet. He said that Hayward is expected to leave October 1st and resign from the board by the end of the year.

The companys board of directors is meeting this evening, and whether he leaves or not is expected to be the center of their agenda. Hayward's whole career has been with BP. He has stated that he is ready to step down and has become "a liability going forward."

The board is also meeting prior to the Tuesday release of quarterly results. The directors will be discussing the best way to confront or diffuse criticism. While the company reveals its newest estimates of the losses and costs due to the worst oil spill in U.S. history.

Some analyst have said that Hayward's leaving would be a gesture that someone is taking full responsibility. According to another person who spoke under conditions of anonymity said, Hayward is not the only executive that will be leaving. It is expected that other top BP executives will be asked to leave.

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