BP CEO to step down with 15 million pounds pay off

British Petroleum CEO Tony Hayward is likely to step down on Monday from his post, following a board meeting, over his handling of the Gulf of Mexico oil spill.

As per contractual terms, Hayward will walk away with nearly a 15 million pounds pay off, including a million pound as salary, share options worth 2.7million pounds and a 10.8 million pounds pension pot.

According to The Sun, BP's managing director in the United States Bob Dudley, who is currently overseeing the oil spill operation in the Gulf of Mexico, is expected to replace Hayward.

The company is expected to announce losses of 9 billion pounds on Tuesday, the biggest ever-quarterly loss in UK corporate history.

It is expected that BP would pay a 13 million pounds as compensation to the United States after four million barrels of oil spewed into the Gulf following a rig explosion on April 20, 2010.

"A huge restructuring could see the firm sell its refining operations and petrol stations to concentrate on finding oil and gas," the paper said.