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 18,080.14 21.45 0.12%
Nasdaq 5,092.09 36.02 0.71%
S&P 500 2,117.69 4.76 0.23%
Treasuries 1.92 0.01 0.37%
Data as of 9:05am ET
Company Price Change % Change
Comcast Corp 59.64 0.00 0.00%
Xerox Corp 11.99 -1.15 -8.75%
Time Warner Cable In... 155.26 6.50 4.37%
Mattel Inc 30.20 1.28 4.43%
Verizon Communicatio... 50.03 -0.02 -0.04%
Data as of Apr 24
Sponsors

Sections

A major earthquake was the last thing Nepal needed. Even before one of the country's major fault lines rumbled to life, the country was beset by challenges. More

Stars of Youtube, Vine, Snapchat, and Twitter are attending this year's White House Correspondents' Dinner. More

A Girl Scouts Cookie Oven rolling out to Wal-Mart, Target, Kmart stores this summer will let you bake those iconic thin mints right at home. More

Imagine having a three-day weekend every week and being paid the same full-time salary. It can be done if your employer offers you the option of a compressed workweek. More