BUSINESS
07/25/2010 09:23 am ET | Updated May 25, 2011

BP CEO Tony Hayward To RESIGN Before Tuesday: Reports

BP CEO Tony Hawyard, who's quickly become the public face of the Gulf Oil spill, will be stepping down within days, according to reports in the British press.

The move is expected to come in anticipation of the company's announcement of its first-half results on Tuesday. BP will announce that it has made approximately $10 billion this year, even while contending with the largest oil spill in history, the U.K.'s Telegraph reports. Here's Telegraph :

The chief executive of BP, Tony Hayward, is finalising the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive's future possibly within the next 48 hours.

After a weekend of detailed negotiations over Mr Hayward's severance package, it now appears almost certain that he will announce his departure ahead of BP's half year results on Tuesday.

The Wall Street Journal reports that BP is currently discussing Hayward's departure:

Under the plan being discussed, Mr. Hayward would not necessarily depart immediately, these people said, giving the company time to settle on a successor and devise and orderly transition. It is possible, however, that the board could move more quickly in tapping a new chief.

The U.K.'s Guardian also relays news of Hayward's imminent departure, and reports that he will be replaced by Bob Dudley. Dudley is managing the day-to-day Gulf Oil spill operations.

But in a statement issued to Dow Jones Newswires, a BP spokesman said: "Tony Hayward is the chief executive and has the confidence of the board and senior management."