BP boss to quit with pay-off, say reports

BP chief executive Tony Hayward is expected to quit imminently with a payoff of at least one million pounds, according to the British media. BP is holding a board meeting on Monday evening ahead of the release of its second quarter results on Tuesday. It says no final decision has been made.

Reuters

 The British-based oil firm is trying to rebuild its reputation after the worst environmental disaster in US history.

Hayward has made several public relations gaffes during the response to the spill, including telling reporters, "I want my life back" and joining a yacht race.

The company's share price was up over two per cent at 407.05 pence on London's FTSE 100 on the news. The firm has lost about 40 per cent of its stock market value since the spill.

Many senior figures in the United States have criticised Hayward over his handling of the oil spill. US President Barack Obama has said he would have fired him.

 
He could get a pay-off and pension package worth around 12 million pounds (14.4 million euros), according to the The Times and Financial Times newspapers. This is the equivalent of one year's salary and a guaranteed pension.

Hayward, 53, started at BP 28 years ago and took over as chief executive in 2007.

He is expected to be replaced by Bob Dudley, who is now in charge of the Gulf of Mexico clean-up operation.

BP has said Dudley has a "deep appreciation and affinity for the Gulf Coast".

The firm's second-quarter results on Tuesday are expected to reveal a 30-billion-dollar provision for funding the disaster.

It faces hundreds of pending lawsuits and has become mired in additional controversy over claims that its lobbying helped secure the release of the Lockerbie bomber in order to secure an exploration deal with Libya.