BP Chief Tony Hayward To Step Down By September

According to a report in the Times of London, Chief Executive of BP PLC BP Tony Hayward will step down from his post in late August or September. The company is currently battling to remain independent after the worst oil spill in US history. However, a BP spokesman told Reuters that the CEO had full support of the board and will remain stay in office. Hayward has been facing extensive criticism for a series of PR gaffes and his failure to quickly stop the leak in the Gulf of Mexico. This has prompted speculation that he will soon be removed. According to a person close to the matter, Hayward may have to step down to enable BP to strengthen its defenses against a potential buyout threat by ExxonMobil XOM or Royal Dutch Shell RDS. Chief of BP's Gulf Coast restoration efforts Robert Dudley is being considered as the front-runner in the race to replace Hayward, the source added. Strong Buy Stocks That Have Tripled the Market. See them for free.