Outgoing BP Chief: 'Life's Not Fair'
SKY NEWS: The outgoing BP chief executive Tony Hayward says he feels "demonised and vilified" over the Gulf of Mexico oil spill as the firm posts one of the biggest corporate losses in history. Joel Hills reports.



No, Tony, life certainly isn't fair when people who screw-up can walk away from a company with millions in the form of a golden parachute, yet others work all their lives, do things well, but walk away with next to nothing. Life certainly isn't fair. You got that right! – © Mark

BP Oil Spill: Tony Hayward Replaced by Bob Dudley as Oil Giant Slumps to Record Loss
THE TELEGRAPH: Tony Hayward has resigned as chief executive of BP, after the energy giant announced a record $17bn loss this year on the Gulf of Mexico oil spill.



The oil company also said that Bob Dudley, the American in charge of BP’s oil spill response unit, will now take over on October 1 and lead the company through an accelerated programme of $30bn in asset sales. BP made “clean” profits of $5bn, stripping out the effect of inventory changes and exceptionals, but took a $32.2bn pre-tax charge on the oil spill.

This is made up of a $20bn compensation fund for victims, clean-up charges and provisions for funding costs. The “clean” profits are a 74pc rise in last year’s figure of $2.9bn, as a result of higher oil prices and more efficient operations. BP will now press ahead with becoming smaller and more profitable, selling $30bn of exploration and production assets in the next 18 months.

Mr Dudley will also have to navigate a criminal investigation into the spill, a slew of litigation and ward off rivals seeking to pounce on the company's trophy assets. Dudley, who ran BP's troubled Russian joint venture, TNK-BP, said last month that for BP to "remain strong and viable in the US, it has a great deal of work to do." >>> Rowena Mason | Tuesday, July 27, 2010

DAILY EXPRESS: BP Boss Tony Hayward Sent to Siberia in £12m Exit Deal: BP boss Tony Hayward is to be sent to Siberia in a £12million exit deal designed to quell outrage in the United States, it emerged last night. >>> Padraic Flanagan | Tuesday, July 27, 2010

Le patron de BP quittera son poste en octobre
CYBERPRESSE: Une source officielle a confirmé lundi que le chef de la direction de BP (BP), Tony Hayward, démissionnerait de son poste en octobre pour accepter un emploi avec TNK-BP, une coentreprise de la pétrolière en Russie.

L'image publique de Tony Hayward était devenue étroitement liée aux ratés de BP dans ses efforts pour maîtriser la fuite de pétrole dans le golfe du Mexique, qui a coûté plusieurs millions de dollars en dommages. >>> La Presse Canadienne, Nouvelle-Orléans | Lundi 26 Juillet 2010

THE GLOBE AND MAIL: BP’s Hayward to resign in October: Embattled CEO will take job with company’s joint venture in Russia, official says >>> Harry R. Weber, New Orleans, The Associated Press | Monday, July 26, 2010

BP Blunderer's Golden Goodbye: Hayward Exits with £10m Pension Pot as an American Replaces Him
MAIL ONLINE: The embattled head of BP is on the brink of bailing out today - with a golden parachute to break his fall.

Tony Hayward, who arrived at the company's headquarters in London this morning, will receive a seven-figure payoff and a pension estimated at £584,000 a year.

He will stand down today after three months of abuse left him described as the ‘most hated and clueless man in America’.

The enforced departure of the 53-year-old Briton will top the agenda at a crucial London board meeting today.

He has been widely seen as a ‘dead man walking’ ever since an oil-rig explosion led to the worst-ever environmental disaster in the U.S.

The focus will not be on if he goes but when, and how much it costs. During his 28 years at BP, he has built up a gold-plated £10.8million pension pot which he can start taking at 60.

He is also entitled to a year’s salary, equal to just over £1million.

His departure follows a disastrous series of PR gaffes since 11 died in an explosion on April 20 in the Gulf of Mexico.

One of his most notorious was to admit: ‘I want my life back’, at a time when millions of barrels of oil were gushing into the ocean, wrecking the livelihoods of thousands of Americans.

A few weeks later, his decision to go sailing on his yacht in the Isle of Wight added to suspicions that Mr Hayward was not being suitably contrite. But the level of the fury from America has been extraordinary and relentless despite the fact that BP was not solely responsible for the disaster.

President Obama warned: ‘He wouldn’t be working for me after any of those statements.’

Yesterday a BP spokesman insisted that Mr Hayward, whose family have been the victims of crank phone calls, hate mail and death threats, remains the company’s chief executive.

But his departure is inevitable, and will be the second headline-grabbing exit of a BP chief executive in just three years. In 2007, his predecessor Lord Browne dramatically resigned after admitting lying on oath to a High Court judge. >>> Becky Barrow and Daniel Bates | Monday, July 26, 2010

BP Chief Tony Hayward 'Negotiating Exit Deal'
BBC: BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learnt.

Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.

BBC business editor Robert Peston said it was likely he would be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation.

BP said Mr Hayward "remains our chief executive and has the full support of the board and senior management".

Our correspondent added that while BP had been preparing for a change at the top for some time, the company was waiting until progress had been made on stemming the leak and until it was possible to quantify the financial costs of the disaster.

BP is due to release its results for the second quarter on Tuesday.

It is expected to reveal a provision of up to $30bn (£19bn) for the costs of capping the well, compensation claims and fines to be paid, resulting in a massive quarterly loss.

BP's board is scheduled to meet on Monday ahead of the results.

Mr Hayward has been with the company for 28 years. >>> | Sunday, July 25, 2010