Embattled British Petroleum CEO Tony Hayward—who whined to the press that he wanted his "life back" during the height of the Gulf of Mexico oil disaster and later went sailing—will reportedly be "replaced" by an American at a board meeting today.
The board of directors of the London-based consortium will name Mississippi-born Robert Dudley as its new leader after Hayward's "repeated stumbles during the company’s three-month oil spill alienated federal and state officials as well as residents of the Gulf Coast," reports the New York Times.
The planned appointment of an American to run the London-based company, which was confirmed by a person close to BP’s board, would underscore how vital the United States has become to BP. About one-third of the company’s oil and gas wells, refineries and other business interests are in the United States, and 40 percent of its shareholders are Americans. The move would also be a recognition by the board that even though the oil has stopped spewing into the gulf, dealing with the consequences of the Deepwater Horizon accident — from tens of billions of dollars in claims to possible criminal charges and new regulations on offshore drilling— is likely to dominate the company’s agenda for years.
In June, you may recall that President Obama slammed Hayward's performance for making a number of misleading claims and said Hayward "wouldn’t be working for me after any of those statements."
Hayward is expected to walk away with a severance package of more than $18 million, reports Reuters.
BP Plc will announce its second-quarter results on Tuesday and it is expected to be "the worst quarterly loss in British corporate history," reports Marketwatch. "Analysts at Barclays Capital estimated the loss at around $13 billion."