Report: Tony Hayward preparing to resign from BP

bp_oil_hayward_100524.top.jpgBP denies a Times of London report saying CEO Tony Hayward is preparing to step down. By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- BP's beleaguered chief executive, Tony Hayward, is preparing to step down from his position within the next 10 weeks, the Times of London reported Tuesday, citing "sources" close to the company.

Hayward and his management choices have drawn a barrage of criticism since BP's Deepwater Horizon drilling rig accident began spewing oil into the Gulf of Mexico 92 days ago. Its share price hammered, BP is fighting to ensure that it has the resources to pay the billions it now faces in fines, cleanup expenses and compensation claims from local workers and businesses.

There is a "growing expectation" that Hayward will announce his departure in late August or September, the Times reported. "You would be hard-pushed to find anyone within the company who does not think he is irreparably damaged -- both by his own performance and by the event itself," the newspaper quoted one company insider as saying.

BP (BP) strongly denied the Times' report. "There is no truth in this article," Daren Beaudo, a BP spokesman based in Houston, told CNN. "Mr. Hayward is not leaving."

Hundreds of millions of gallons of oil have leaked into the Gulf since the April accident, making this oil spill the worst on record in the U.S. On Tuesday BP announced it will sell off $7 billion worth of oil and gas assets to oil firm Apache.

"The board has considered BP's options for generating the cash necessary to meet the obligations likely to arise from the Gulf of Mexico oil spill," BP Chairman Carl-Henric Svanberg said in a statement.

Those obligations include the $20 billion the company has pledged to set aside in a fund to compensate the spill's economic victims.

CNN's Talia Kayali contributed to this report. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,399.67 19.26 0.12%
Nasdaq 4,316.07 57.63 1.35%
S&P 500 1,904.01 17.25 0.91%
Treasuries 2.18 -0.02 -0.82%
Data as of 10:35pm ET
Company Price Change % Change
Apple Inc 99.76 2.09 2.14%
Bank of America Corp... 16.26 0.05 0.31%
Pfizer Inc 27.93 0.10 0.36%
Facebook Inc 76.95 1.00 1.32%
Microsoft Corp 44.08 0.45 1.03%
Data as of 4:04pm ET

Sections

Better-than-expected iPhone sales and record Mac sales lifted Apple in its fiscal fourth quarter. More

The Fed official overseeing Wall Street says things need to change, and if the risky culture isn't turned around, it may be time to break up the big banks. More

In three years, all Chicago high school students will have to take a coding course in order to graduate. More

Host a furniture market. Here's how small town High Point, N.C. rakes in this much money -- twice a year. More

Detroit has 80,000 dilapidated properties and 100,000 empty lots. It's trying to get more people like Antjuan Wyatt to buy them. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.