BP sticks to support for CEO Hayward -spokesman

LONDON, July 24 (BestGrowthStock) – A BP spokesman reiterated on
Saturday that Chief Executive Tony Hayward had the full support
of the board, saying the company did not comment on speculation
after a report suggested changes in management were on the table
for this week.

Sky News said on Saturday, citing unnamed sources, that BP
(BP.L: )(BP.N: ) directors were considering Hayward’s future and may
announce his departure next Tuesday when they report second
quarter results.

Hayward has been under pressure to resign as the
British-based company battles to contain an oil spill in the
Gulf of Mexico.

The Times newspaper also reported earlier this week that
Hayward would step down within the next 10 weeks
[ID:nSGE66K031].

BP had also firmly rejected the Times story.

“We are announcing our results on Tuesday. Tony Hayward is
the chief executive of BP. He has the full support of the
management and the board,” a BP spokesman said on Saturday.

Sky Business Editor Mark Kleinman wrote in a blog on the TV
station’s website: “It now looks increasingly likely to me that
BP will make an announcement about the future of its board and
management in three days’ time.

“The strongest possibility is that that will involve the
departure of Tony Hayward.”

However, the board remained in “deep debate” over Hayward
and may instead say it plans to replace him at a later date,
Kleinman said.

“It could instead signal a `review’ of his role and point to
his willingness to step down if it is deemed to be in the best
interests of the company,” he said.

Investing Basics

(Reporting by Tim Castle; editing by Patrick Graham)

BP sticks to support for CEO Hayward -spokesman