Monday, July 26, 2010

Pressure Mounting to Replace BP's (NYSE:BP) Hayward

The media pressure has ramped up on BP (NYSE:BP) Tony Hayward to have him replaced, as speculation is there will be an announcement tomorrow during the quarterly report of the company.

Interestingly, this is largely a media concoction, as the Board of Directors of BP, through their spokespeople, have reaffirmed their support for Hayward throughout the ordeal.

The company has again denied there's been any decision made about the removal of Hayward as CEO of BP, and said they're meeting Monday night to discuss things, and whatever decisions made at that time will be "announced as appropriate."

This doesn't imply they're going to get rid of Hayward, but speaks to ending the speculation, as it's distracting at this time in regard to larger and more important issues.

One way or the other, it would be difficult for them to not announce something about Hayward during the quarterly report, even if it is to reaffirm he's staying on in his position at this time.

If and when Hayward is removed, the leading candidate at this time is Managing Director Robert Dudley, who would become the first American the lead the company in its history.

This would make sense because the bulk of BP's business is in North America.

No comments: