Saturday, July 3, 2010

Will BP (NYSE:BP) Replace Hayward, Svanberg Once Gulf Leak Stopped?

A rumor from the Financial Times says BP (NYSE:BP) may have plans to remove Chairman Carl-Svanberg and Chief Executive Officer Tony Hayward once the Gulf oil leak is stopped.

Citing unnnamed and unidentified shareholders, it can hardly be considered credible, even if it is highly likely it will happen, at least in the case of Hayward.

It doesn't take much insight to conclude Hayward didn't perform particularly well during these crisis for BP, specifically in the public relations department. So we'll continue to hear these types of assertions reported in the media, possibly in the hopes of it becoming a self-fulfilling prophecy if it's repeated enough.

What's more important for shareholders and those interested in BP is the quarterly report to be released on July 27, which may give the most accurate figures as to how much the company will be liable for the oil spill.

At that time there could be a more accurate count of how much oil is actually leaking into the Gulf, which in turn would give a better overall picture of how much the company could have to pay.

For now it's more than a guess than anything else, and numbers have been thrown out far apart from one another, which shows those putting them out there are as clueless as anybody else.

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