The chief executive of BP, Tony Hayward, is finalising the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive’s future possibly within the next 48 hours.
After a weekend of detailed negotiations over Mr Hayward’s severance package, it now appears almost certain that he will announce his departure ahead of BP’s half year results on Tuesday.
According to consensus estimates, those results are expected to show that BP has made profits of nearly $10bn so far this year, despite the Deepwater Horizon disaster which has left the oil company facing bills of many billions of dollars.
It is now thought to be widely agreed by the BP board that it is only with Mr Hayward’s departure that the company can draw a line under the Gulf of Mexico disaster and plan for the future. The chairman, Carl-Henric Svanberg, is now believed to agree that Mr Hayward should go and that BP needs to announce a root-and-branch change of operational culture.