BP Defends Embattled CEO (BP)
BP (NYSE: BP) defended its embattled CEO Tony Hayward on Wednesday. BP denied he would soon leave the company amid rumors he would be ousted after his response to the Gulf oil disaster.
Reuters reports that "CEO Tony Hayward, criticized for a series of public relations gaffes and failed efforts to end the disaster, has the full support of the company's board and will remain in his job, a BP spokesman said. The spokesman dismissed a Times of London report that Hayward would step down within 10 weeks."
Hayward has been under constant pressure to improve BP's response to the Oil spill. The April 20 Deepwater Horizon accident has had a devastating effect on the Gulf region's environment and economy.
The Reuters report notes that "There was a growing expectation that Hayward would announce his departure in late August or September, with Robert Dudley, chief of BP's Gulf Coast restoration efforts, seen as the front-runner to replace him, the Times said."
Despite a recent correction in the stock's price, BP shares have lost more than $20 since April.
Shares of BP are higher by more than 1% in pre-market trade.
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