British Petroleum's chief executive officer Tony Hayward is expected to step down from his post within the next ten weeks as the company seeks to restore its reputation and stave off a takeover over its disastrous oil spill in the Gulf of Mexico.
According to The New York Post, sources close to BP have revealed that there was a growing expectation that Hayward would announce his departure in late August or September.
It is expected that the oil giant, which continues to work on permanently fixing the ruptured Macondo well in the Gulf of Mexico, will announce a new strategy 'Future BP' later this year.
Robert Dudley, an American oil executive who was appointed last month to run BP's Gulf Coast Restoration Organization, is widely viewed as the front-runner to replace Hayward.
A BP insider said that Hayward would have to go inorder to shore up BP's defenses against the threat of a buyout by ExxonMobil or Royal Dutch Shell.
"Why keep utterly damaged goods on the shelf? They have to do some dramatic things to protect the company, and his credibility is now close to zero.
"People may not blame this situation on Tony Hayward, but 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," he said.
Image: Tony Hayward
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