BP CEO Tony Hayward to resign, say analysts

July 25, 2010

Chief Executive is negotiating the terms of his departure and will stand down from the company; effectively taking responsibility for the Deepwater Horizon oil spill in the, according to journalists. The New York Times cites an anonymous source "close to the board", and the BBC's business editor makes a similar analysis. It is expected that President and CEO of the company's Gulf Coast Restoration Organization, a Mississippi native, member of the Board of Directors, and most senior American executive of BP, will replace Tony Hayward as Chief Executive.

A report by the BBC World Service said a BP press release asserted that, "[Hayward] has the full confidence of the Board." The resignation, and change of leadership, at the multinational UK-based oil firm are expected to be discussed by the company's Board of Directors on Monday, and will potentially be ratified as early as Tuesday.

Hayward's position was, essentially, undercut when United States President Barack Obama said he "would have fired him."