BP Oil CEO May Be Out

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BP CEO Tony Hayward may be on the job market soon if the rumors prove to be true. Recent reports, supposedly from an aide of Hayward, state that he will resign his position and name a successor in the coming days. Those close to Hayward say that this is in response to company hints that he would be forced out.

Most agree that his handling of the Gulf coast spill was faulty and they believe that he has lost his effectiveness to lead the oil producing giant. In recent talks with Russia over a joint venture he was upbeat about the future of the oil producer and how they will make a difference when teamed with the country.

Yet the shadow over his leadership with BP is the leak. Critics say that he was slow to respond to the problems in the Gulf and has spent more time trying to downplay the event rather than actually do something about it. Now that some light has appeared on the horizon a storm threatens the entire operation.

BP is still moving forward with plans to make amends to the people of the Gulf by pledging more than $2 billion dollars in clean up and settlement funds. They will deposit that amount in a secondary fund that will then administer the funds to those who qualify. Critics of Hayward and BP say it is too little too late.

To help with the costs of the cleanup BP has purchased shares in Rosneft Stake, which they hope will help them raise funds to continue their work in the Gulf. Costs of the effort have reached nearly $3 billion dollars and will continue to rise as the real hope of capping the leak will not be reached until August.

BP denied claims that Hayward was resigning or that he was being forced out when contacted.


Photo source: wikipedia

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