BP chief executive Tony Hayward to step down

By DPA,

London: BP Plc chief executive Tony Hayward is to step down following intense criticism of his handling of the worst oil spill in US history, British Broadcasting Corporation reported Sunday.

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His departure from the British oil giant could come into effect within 24 hours, the broadcaster said.

The spill in the Gulf of Mexico followed an explosion in April at the offshore Deepwater Horizon oil rig where BP had been drilling a well.

Hayward is likely to be replaced by his US colleague, Bob Dudley, the head of BP’s efforts to contain the spill, according to the report.

BP board members are due to meet Monday, while the company is expected to release the findings of an inquiry into the causes of the spill next month.