BP chief Hayward to step down?

Tony Hayward

Rumors have been circulating all weekend about the future of the infamous Chief Executive of BP, Tony Hayward. Widely condemned in the media over his handling of the Gulf of Mexico oil spill crisis, Hayward has become the ‘face of BP' and, due to a series of embarrassing gaffes, has become somewhat of a hate-figure.

However, despite reports last week that any reports over him standing down were false, an official statement from the oil giant at the weekend has said that Hayward had the board's full support and "no final decision has been made".

The firm said a board meeting was being held on Monday night and "any decisions will be announced as appropriate", but that the company had noted "the press speculation over the weekend regarding potential changes to management and the charge for the costs of the Gulf of Mexico oil spill."

BP confirms that no final decision has been made on these matters."

However, despite BP saying that Hayward has the "full support" of the board and senior management, there have been rumors that he was discussing his severance package with company heads over the weekend.

Hayward's replacement has already been rumored to be his American colleague, Bob Dudley, who has taken charge of the clean-up operation. Not just that, but Hayward could leave with a pension of $17 million.

To compound matters, a US government official quoted by the Associated Press, said senior figures in the company had already briefed them about a change of leadership at the oil multinational.

Golden handshake

Hayward's pension was revealed by the UK's Daily Telegraph who reported his pension pot could be as much as $16.7 million, resulting in an annual payment of about $905,000.

If the rumors turn out to be true, it would see the end of Hayward's 28 years with BP, three of which he has spent as Chief Executive when Lord Browne stepped down in 2007.

When he took the position he was a popular choice, however the Gulf of Mexico disaster has made 2010 the worse year in the company's history and has left BP responsible for the US's biggest environmental disaster.

Comments such as saying that he "just wanted his life back" and that the Gulf of Mexico was a "big ocean" following the leak has not endeared Hayward to the public or to the US House Energy and Commerce Committee, and with BP reeling from mounting costs and accusations of poor safety standards, it looks like BP is looking to turn the page on The Hayward Years.

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