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By ABraxton on Jul 21, 2010 with no responses

Report: BP CEO Hayward Expected to Resign

Tags: BP, oil spill

The move may be part of a strategy overhaul – dubbed as “Future BP.”

Tony Hayward, the embattled CEO of BP, will soon be stepping down from his post, according to a report in The Times of London.

BP CEO Tony Hayward's job is reportedly in jeapordy.

“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,” a company insider was quoted as telling the paper.

Hayward is expected to step down within ten weeks –possibly as soon as next month– according to the report.

An American, Robert Dudley, who is currently heading BP’s Gulf Coast restoration efforts, is seen as Hayward’s most likely successor.

BP has denied the report, with a company spokesman saying that Hayward still has “full support from the board and will remain in place.”

Is Robert Dudley next in line at BP?

Hayward took a beating in the media and caused a major PR problem for BP after his “I want my life back” comment on May 30. His battered image failed to recover since that remark, which forced BP to replace him with Dudley as the company’s point man in the spill cleanup and containment operations.

The Times reported that a move to replace Hayward may be announced together with a full strategy overhaul for the company which is being dubbed as “Future BP.”

The company has watched as BP shares lost 40 percent of its value since the well exploded in late April and has come under increasing pressure to replace Hayward following the failures of BP to cap the leaking well. While the leaking oil well has since been capped, tests are still underway to see if the containment cap will hold and effectively stop the flow of oil.

BP agreed this week to sell $7 billion worth of assets to Apache Corp. as the company scrambles to pay for the mounting costs of damage and cleanup operations caused by the spill.