In a position that may be as hard as capping the failed BP (NYSE:BP) oil well, the energy giant is starting the search for a new public relations leader, as the the company begins its work on healing its diseased reputation.
Since the days in the early part of the crisis when outgoing CEO Tony Hayward committed public relation gaffe after gaffe, the company has been in need of someone in place who can help restore the image of the company.
Now that the oil well is permanently sealed and the focus of the media slowly leaving the company, they have some room to begin working in this regard, and at least something to hang their hat on, although they're just at the beginning process of litigating their way through numerous lawsuits.
The current head of media relations for BP, Andrew Gowers, is expected to stay on at the company, although he'll be reporting to the new communications director when he comes on board.
Showing posts with label Tony Hayward. Show all posts
Showing posts with label Tony Hayward. Show all posts
Thursday, September 23, 2010
Wednesday, September 15, 2010
BP's (NYSE:BP) Outgoing CEO Tony Hayward Denies Cutting Safety Corners
Giving testimony before a British parliamentary committee, the outgoing CEO at BP (NYSE:BP) said concerning safety at UK North Sea operations that the company hasn't cut corners.
Being pressed by committee chair Tim Yeo, who reminded Hayward that he said three years ago that he was going to focus "laser-like on safety,"
and that "On your watch as chief executive, in that three years, now we've had the biggest ever oil spill in U.S. waters," Hayward responded, saying that the record of BP was "better than the industry average."
Hayward added that the oil industry will be better concerning safety as a result of the Gulf of Mexico oil spill, especially in regard to the testing of blowout preventers.
He said they will "significantly enhance the testing protocols of blowout preventers."
Concerning the calls by some for deepwater drilling to be banned, Hayward implied that was an over-response to the situation.
He added that there were failures on the part of all parties involved, including Halliburton (NYSE:HAL) and Transocean (NYSE:RIG), who owned the rig.
The British committee is gathering information in order to make a decision on whether or not to add any more regulations for drilling off the coasts of the UK.
Being pressed by committee chair Tim Yeo, who reminded Hayward that he said three years ago that he was going to focus "laser-like on safety,"
and that "On your watch as chief executive, in that three years, now we've had the biggest ever oil spill in U.S. waters," Hayward responded, saying that the record of BP was "better than the industry average."
Hayward added that the oil industry will be better concerning safety as a result of the Gulf of Mexico oil spill, especially in regard to the testing of blowout preventers.
He said they will "significantly enhance the testing protocols of blowout preventers."
Concerning the calls by some for deepwater drilling to be banned, Hayward implied that was an over-response to the situation.
He added that there were failures on the part of all parties involved, including Halliburton (NYSE:HAL) and Transocean (NYSE:RIG), who owned the rig.
The British committee is gathering information in order to make a decision on whether or not to add any more regulations for drilling off the coasts of the UK.
Friday, August 27, 2010
BP (NYSE:BP) Preparing for Board Changes
There are several changes coming to the Board of Directors of BP, with one of them being financial director Byron Grote, and two other non-directors chairman Carl-Henric Svanberg wants to add to the board.
Outgoing CEO Tony Hayward will remain on the board until the latter part of November.
The company will miss Byron Grote, who has been in the industry for over 30 years. He was added to the board of BP in 2000, and moved up to chief financial officer in 2002.
Grote, who earned a PHD in quantitative analysis at Cornell University, is considered one of the more solid members of the board, and last year had his contract extended even as he approached retirement age.
BP is looking internally to replace him.
Outgoing CEO Tony Hayward will remain on the board until the latter part of November.
The company will miss Byron Grote, who has been in the industry for over 30 years. He was added to the board of BP in 2000, and moved up to chief financial officer in 2002.
Grote, who earned a PHD in quantitative analysis at Cornell University, is considered one of the more solid members of the board, and last year had his contract extended even as he approached retirement age.
BP is looking internally to replace him.
Thursday, August 26, 2010
BP (NYSE:BP) Tony Hayward Says No to Testifying
While everyone agrees it was a mistake to release the man convicted of bombing Pan Am Flight 103 over Lockerbie, Scotland, the pursuit of BP (NYSE:BP) by desperate Democrats attempting to find any issue to hang their hats on, is getting tiring and despicable.
BP CEO Tony Hayward, who will be stepping down soon, has rightly refused to testify before U.S. Senators on the matter.
British and Scottish leaders have already cleared BP in the matter, and said there was no specific request by BP to have bomber Abdel Baset al-Megrahi in exchange for oil contracts.
Hayward said, "BP has nothing to add to these clear, unequivocal statements."
It has been public knowledge for years that BP and the British government supported a prisoner exchange in relationship to oil exploration contracts, but that had nothing to do directly with al-Megrahi, as far as having a specific request made for his release. It was a general deal, according to the British.
BP CEO Tony Hayward, who will be stepping down soon, has rightly refused to testify before U.S. Senators on the matter.
British and Scottish leaders have already cleared BP in the matter, and said there was no specific request by BP to have bomber Abdel Baset al-Megrahi in exchange for oil contracts.
Hayward said, "BP has nothing to add to these clear, unequivocal statements."
It has been public knowledge for years that BP and the British government supported a prisoner exchange in relationship to oil exploration contracts, but that had nothing to do directly with al-Megrahi, as far as having a specific request made for his release. It was a general deal, according to the British.
Thursday, August 5, 2010
No Doomsday Scenarios from BP (NYSE:BP) Oil Spill Says Obama Spokesman
White House spokesman Robert Gibbs said today in a briefing to reporters that the numerous doomsday scenarios hyped by the media concerning the BP (NYSE:BP) oil spill won't be coming to pass.
Gibbs said, "I think it is fairly safe to say ... that many of the doomsday scenarios that we talked about and repeated a lot have not and will not come to fruition."
Another federal report said about 75 percent of the oil released into the Gulf of Mexico has been contained, evaporated or eaten by the prolific microbes gorging on the oil.
The rest of the 25 percent of the oil is disappearing fast, and while still remaining a threat, should largely go the way of the rest of the oil.
Rather than be glad of this reality, radical environmentalists, and not-so-radical ones, have been questioning the validity and honesty of the reports, wanting desperately for the oil spill to be an unprecedented disaster in order to seek opportunities to further their agendas. This has outraged many, who are troubled the Gulf of Mexico is able to heal itself so well, like affirmed by people like Rush Limbaugh and outgoing BP CEO Tony Hayward.
Some lawmakers are also irritated that they can't pursue this as an election issue, or to use to create an endless number of laws which would hinder the industry in the Gulf. They should be happy with what they've received, as some laws are sure to go on the books, even though that direction has been halted in the light of the non-catastrophe.
What should be celebrated as great news has all these people and organizations hanging their heads because of the lost opportunity.
Gibbs said, "I think it is fairly safe to say ... that many of the doomsday scenarios that we talked about and repeated a lot have not and will not come to fruition."
Another federal report said about 75 percent of the oil released into the Gulf of Mexico has been contained, evaporated or eaten by the prolific microbes gorging on the oil.
The rest of the 25 percent of the oil is disappearing fast, and while still remaining a threat, should largely go the way of the rest of the oil.
Rather than be glad of this reality, radical environmentalists, and not-so-radical ones, have been questioning the validity and honesty of the reports, wanting desperately for the oil spill to be an unprecedented disaster in order to seek opportunities to further their agendas. This has outraged many, who are troubled the Gulf of Mexico is able to heal itself so well, like affirmed by people like Rush Limbaugh and outgoing BP CEO Tony Hayward.
Some lawmakers are also irritated that they can't pursue this as an election issue, or to use to create an endless number of laws which would hinder the industry in the Gulf. They should be happy with what they've received, as some laws are sure to go on the books, even though that direction has been halted in the light of the non-catastrophe.
What should be celebrated as great news has all these people and organizations hanging their heads because of the lost opportunity.
Tuesday, August 3, 2010
Kuwait Ready to Increase Holdings in BP (NYSE:BP) Under Right Conditions
Although Kuwait has said it's content with its stake in BP (NYSE:BP), they're ready to increase their holdings in the company if the right market conditions present themselves. That could be a reference to the company's share price falling.
The sovereign wealth fund of the company, the Kuwait Investment Authority, said they haven't been approached by BP to increase their stake, a nod toward the goal of $30 billion the oil giant has to handle the increasing liabilities and claims they're faced with.
A report in a regional paper generated the comments from Kuwait, where it was said outgoing CEO Tony Hayward made a request to the fund to increase its stake from the current 1.75 percent in order to increase their defense against a potential unwanted takeover.
BP sold its Colombian assets today for $1.9 billion.
The sovereign wealth fund of the company, the Kuwait Investment Authority, said they haven't been approached by BP to increase their stake, a nod toward the goal of $30 billion the oil giant has to handle the increasing liabilities and claims they're faced with.
A report in a regional paper generated the comments from Kuwait, where it was said outgoing CEO Tony Hayward made a request to the fund to increase its stake from the current 1.75 percent in order to increase their defense against a potential unwanted takeover.
BP sold its Colombian assets today for $1.9 billion.
Friday, July 30, 2010
Rebranding BP (NYSE:BP) as Amoco
Some BP (NYSE:BP) gas station owners have thrown around the idea of rebranding BP as Amoco in the U.S. market, the company bought out by BP in the latter part of the 20th century.
The thinking by a growing group of owners is Amoco was once thought of as the American Oil Co., and that could work hand in hand with the installation of American Robert Dudley as CEO, who replaced Tony Hayward.
Since BP's largest market is the U.S., that does make some sense, but the branding BP has been going on for years, and it would come with a lot of risk to change it back to Amoco, a brand a lot of people have forgotten, or don't know even existed.
Some people have protested the Gulf oil spill by boycotting BP, and that has hurt station owners anywhere from 10 percent to 40 percent in less sales.
BP has addressed the problem by reducing credit card fees used at the stations, providing more national advertising, and giving cash to distributors.
At this time the idea of rebranding hasn't reached the proportions where it would have a chance of becoming a reality, but it could gain some steam if things remain as they are.
In October BP has its annual convention, where at that time we'll see if this becomes something revolutionary in the company at a grassroots level, or things return more to normal after the oil leak is permanently plugged, and people don't have the company in front of their face on the TV or Internet being reminded of the oil spill and its consequences.
The thinking by a growing group of owners is Amoco was once thought of as the American Oil Co., and that could work hand in hand with the installation of American Robert Dudley as CEO, who replaced Tony Hayward.
Since BP's largest market is the U.S., that does make some sense, but the branding BP has been going on for years, and it would come with a lot of risk to change it back to Amoco, a brand a lot of people have forgotten, or don't know even existed.
Some people have protested the Gulf oil spill by boycotting BP, and that has hurt station owners anywhere from 10 percent to 40 percent in less sales.
BP has addressed the problem by reducing credit card fees used at the stations, providing more national advertising, and giving cash to distributors.
At this time the idea of rebranding hasn't reached the proportions where it would have a chance of becoming a reality, but it could gain some steam if things remain as they are.
In October BP has its annual convention, where at that time we'll see if this becomes something revolutionary in the company at a grassroots level, or things return more to normal after the oil leak is permanently plugged, and people don't have the company in front of their face on the TV or Internet being reminded of the oil spill and its consequences.
Thursday, July 29, 2010
Democrats Continue Sham Attack on BP (NYSE:BP) Over Lockerbie
Democrats are scrambling to keep the attention off of their dismal record since they took control of the country, and continue to pursue BP (NYSY:BP) over the so-called issue concerning Scotland's release of the Lockerbie bomber.
Every single lawmaker in Britain has already said there is absolutely no connection between BP and the release of Abdelbaset Ali Mohmet al-Megrahi, who was believed to have only three months to live at the time because of cancer.
Democratic Senator Robert Menendez has resumed the faux whining about the circumstance, with Democrats evidently angry over it not taking hold in the minds of the American public, who, for the most part, don't believe BP had anything to do with it.
Now the Democrats look like Chicago thugs rather than statesmen, as they went so far as to call the non-existent event one of "blood money," causing an even bigger rift in relations with one of our strongest historical allies, Britain.
Menendez has now invoked the name of Tony Hayward in an attempt to revive the issue, knowing how deeply angry the public is with him, and that he can get away with bashing him, this time about not showing up for the media show which had meant to be created to make Democrats look tough for their base.
The attempt to create a circus in order to probe the lame duck CEO of BP backfired on them, as they've had to reschedule it for September, even though it's highly unlikely Hayward will attend.
The September date was mentioned because of the elections to come soon afterwards, which the Democrats would use the highly emotional issue to attempt to draw votes in an election where they are expected to get crushed in.
Too bad Democrats don't mind destroying relationships with allies of the American people in order to garner a few votes.
Every single lawmaker in Britain has already said there is absolutely no connection between BP and the release of Abdelbaset Ali Mohmet al-Megrahi, who was believed to have only three months to live at the time because of cancer.
Democratic Senator Robert Menendez has resumed the faux whining about the circumstance, with Democrats evidently angry over it not taking hold in the minds of the American public, who, for the most part, don't believe BP had anything to do with it.
Now the Democrats look like Chicago thugs rather than statesmen, as they went so far as to call the non-existent event one of "blood money," causing an even bigger rift in relations with one of our strongest historical allies, Britain.
Menendez has now invoked the name of Tony Hayward in an attempt to revive the issue, knowing how deeply angry the public is with him, and that he can get away with bashing him, this time about not showing up for the media show which had meant to be created to make Democrats look tough for their base.
The attempt to create a circus in order to probe the lame duck CEO of BP backfired on them, as they've had to reschedule it for September, even though it's highly unlikely Hayward will attend.
The September date was mentioned because of the elections to come soon afterwards, which the Democrats would use the highly emotional issue to attempt to draw votes in an election where they are expected to get crushed in.
Too bad Democrats don't mind destroying relationships with allies of the American people in order to garner a few votes.
Incoming BP (NYSE:BP) CEO Bob Dudley Says Company Will "Make this Right"
In an interview Wednesday, incoming BP (NYSE:BP) CEO Bob Dudley said he has been getting the impression from people that once the oil well is successfully capped, the company will pick up and leave the region.
He said that's far from the truth, and he and BP will "make this right in America."
"The only way you can build a reputation is not just by words, but by action," Dudley said. "I picked up that people think that, well, once we cap this well, we're somehow going to pack up and disappear. That is certainly not the case. We've got a lot of cleanup to do. We've got claims facilities. We've got 35 of those around the Gulf coast."
Dudley, who will take over as CEO from Tony Hayward on October 1, said the top priority of BP is to focus on and take care of the crisis surrounding the consequences of the Macondo oil well.
He said that's far from the truth, and he and BP will "make this right in America."
"The only way you can build a reputation is not just by words, but by action," Dudley said. "I picked up that people think that, well, once we cap this well, we're somehow going to pack up and disappear. That is certainly not the case. We've got a lot of cleanup to do. We've got claims facilities. We've got 35 of those around the Gulf coast."
Dudley, who will take over as CEO from Tony Hayward on October 1, said the top priority of BP is to focus on and take care of the crisis surrounding the consequences of the Macondo oil well.
Wednesday, July 28, 2010
BP (NYSE:BP) Change of Leadership Won't Dampen Cleanup Efforts says Thad Allen
Government point man in the Gulf of Mexico oil spill, former Coast Guard Admiral Thad Allen, said the change of CEOs by BP (NYSE:BP) won't change the commitment to cleanup efforts in the region.
Commenting on the decision to remove Tony Hayward on October 1, Allen said, "I don't see any diminishing of performance or priorities," from the transition.
Effectively Bob Dudley will be CEO, as Hayward will obviously be a lame duck and non-entity; at least in the United States, where he has numerous PR disasters which made the situation worse than it had been from that perspective.
The schedule to being the "static kill' on Monday remains on target as well, which at the end of the week should finish off with the relief well ready to plug the well permanently on the bottom.
The static kill will focus on the top of the well, where cement and mud is injected into the well. The relief well does a similar thing from the bottom of the well.
Allen added the containment cap which has stopped the oil from flowing into the Gulf remains stable and continues to do the job it was intended to do.
Commenting on the decision to remove Tony Hayward on October 1, Allen said, "I don't see any diminishing of performance or priorities," from the transition.
Effectively Bob Dudley will be CEO, as Hayward will obviously be a lame duck and non-entity; at least in the United States, where he has numerous PR disasters which made the situation worse than it had been from that perspective.
The schedule to being the "static kill' on Monday remains on target as well, which at the end of the week should finish off with the relief well ready to plug the well permanently on the bottom.
The static kill will focus on the top of the well, where cement and mud is injected into the well. The relief well does a similar thing from the bottom of the well.
Allen added the containment cap which has stopped the oil from flowing into the Gulf remains stable and continues to do the job it was intended to do.
Tuesday, July 27, 2010
BP (NYSE:BP) Loses Over $17 Billion, Drops Hayward
The consequences of the oil spill starting April 20 crushed BP (NYSE:BP) for the quarter, ending with the announced ouster of Tony Hayward as CEO of the company.
Surprisingly, analysts had been looking for BP to generate earnings of $1.43 a share, while they in fact lost an enormous $5.42 a share, missing by $6.85 a share. Losses for the quarter mounted to $17.2 billion. It is one of the worst quarters in the history of the company.
Last year during the same quarter the company enjoyed earnings of $4.4 billion, or $1.01 a share. Last quarter they generated $6.1 billion, or $1.79 a share.
The oil giant noted in order to cover existing and future costs they booked a $32.2 billion pre-tax charge. That includes the escrow fund of $20 billion, which they'll pay $5 billion annually to cover claims.
Speculation over the removal of CEO Tony Hayward has ended as well, with American Robert Dudley announced as the new CEO, who will take over for Hayward on October 1.
Surprisingly, analysts had been looking for BP to generate earnings of $1.43 a share, while they in fact lost an enormous $5.42 a share, missing by $6.85 a share. Losses for the quarter mounted to $17.2 billion. It is one of the worst quarters in the history of the company.
Last year during the same quarter the company enjoyed earnings of $4.4 billion, or $1.01 a share. Last quarter they generated $6.1 billion, or $1.79 a share.
The oil giant noted in order to cover existing and future costs they booked a $32.2 billion pre-tax charge. That includes the escrow fund of $20 billion, which they'll pay $5 billion annually to cover claims.
Speculation over the removal of CEO Tony Hayward has ended as well, with American Robert Dudley announced as the new CEO, who will take over for Hayward on October 1.
BP (NYSE:BP) Going to Send Hayward to Siberia?
Speculation continues to swirl over the fate of BP (NYSE:BP) CEO Tony Hayward, as there are unlimited expectations an announcement will come soon from the board of directors of the company, probably at the earnings report on Tuesday.
Spokesman for BP have continued to say the board supports Hayward, so it'll be interesting to see if this media-created story becomes a reality because of the negative scrutiny it maintains on the company.
Unnamed sources have been cited by a number of news organizations saying Hayward could be assigned to TNK-BP in Russia. I wonder if it's anywhere near Siberia?
There have been several names thrown about, but the media darling at this time is Robert Dudley, who is currently running the Gulf cleanup operations. At least he's the favorite of the American press.
The board of directors of BP held a meeting Monday, evidently to make a decision on Hayward. That's odd in the sense of everything they've said about Hayward, and possibly the timing, which most feel would be better if left until after the oil spill is permanently plugged.
In the short term, this is really an irrelevant distraction generated by the mainstream media, who are attempting to extend the story to draw eyeballs.
Who really cares at this time who's running BP, as it does absolutely nothing to change the circumstances and actions needed to be taken to solver the problem. Changing CEOs at this time won't matter in that regard, other than giving the news cycle a temporary boost.
Spokesman for BP have continued to say the board supports Hayward, so it'll be interesting to see if this media-created story becomes a reality because of the negative scrutiny it maintains on the company.
Unnamed sources have been cited by a number of news organizations saying Hayward could be assigned to TNK-BP in Russia. I wonder if it's anywhere near Siberia?
There have been several names thrown about, but the media darling at this time is Robert Dudley, who is currently running the Gulf cleanup operations. At least he's the favorite of the American press.
The board of directors of BP held a meeting Monday, evidently to make a decision on Hayward. That's odd in the sense of everything they've said about Hayward, and possibly the timing, which most feel would be better if left until after the oil spill is permanently plugged.
In the short term, this is really an irrelevant distraction generated by the mainstream media, who are attempting to extend the story to draw eyeballs.
Who really cares at this time who's running BP, as it does absolutely nothing to change the circumstances and actions needed to be taken to solver the problem. Changing CEOs at this time won't matter in that regard, other than giving the news cycle a temporary boost.
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.
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.
BP (NYSE:BP) Expected to Announce Management Changes at Earnings Results Release
When BP (NYSE:BP) released their first-half results on July 27, rumors are flying they'll have another and anticipated announcement, which will be concerning management changes at the company.
Assuming the announcement will be made, which is highly likely, what isn't a certainty is if it'll be effective immediately. Changing CEOs in the midst of the attempt to permanently stop the oil well may be a bad one, although Tony Hayward, at least in America, is pretty much considered a lame duck.
Watching Hayward, it would be easy to see why he would agree to the measures, even if the board of the company continues to support him. The bulk of BP's business is performed in the U.S., and it's doubtful he would be able to effectively do his job there in light of the oil spill coming from the explosion on the Deepwater Horizon.
It is thought that Hayward will remain on at least until a relief well is successfully put in place, although it wouldn't be surprising to seem him leave sooner with the pressure being asserted from the U.S.
Assuming the announcement will be made, which is highly likely, what isn't a certainty is if it'll be effective immediately. Changing CEOs in the midst of the attempt to permanently stop the oil well may be a bad one, although Tony Hayward, at least in America, is pretty much considered a lame duck.
Watching Hayward, it would be easy to see why he would agree to the measures, even if the board of the company continues to support him. The bulk of BP's business is performed in the U.S., and it's doubtful he would be able to effectively do his job there in light of the oil spill coming from the explosion on the Deepwater Horizon.
It is thought that Hayward will remain on at least until a relief well is successfully put in place, although it wouldn't be surprising to seem him leave sooner with the pressure being asserted from the U.S.
Wednesday, July 21, 2010
BP (NYSE:BP) CEO About to be Given the Boot
BP (NYSE:BP) CEO Tony Hayward may be about to be given the boot, according to a report from the Times in London. The top candidate in line to replace Hayward is Robert Dudley, who was put in charge of the cleanup operations after Hayward made one public relations blunder after another.
The report said the replacement for Hayward should be announced sometime in the latter part of August or the early part of September. Sources for the story were unnamed.
Once Hayward made the comment that he wanted his "life back," his fate was pretty much sealed, as there isn't a day that goes by where the media keeps that in the face of the public to remind them.
In the public relations nightmare that continues, having a U.S. citizen like Dudley at the helm of the oil giant could go a long way towards making things worse, and actually begin to make things right in the cleanup and payout of claims.
Other possible replacement mentioned by analysts are Andy Inglis, who heads up exploration and production, and Iain Conn, chief of refining and marketing at BP.
The report said the replacement for Hayward should be announced sometime in the latter part of August or the early part of September. Sources for the story were unnamed.
Once Hayward made the comment that he wanted his "life back," his fate was pretty much sealed, as there isn't a day that goes by where the media keeps that in the face of the public to remind them.
In the public relations nightmare that continues, having a U.S. citizen like Dudley at the helm of the oil giant could go a long way towards making things worse, and actually begin to make things right in the cleanup and payout of claims.
Other possible replacement mentioned by analysts are Andy Inglis, who heads up exploration and production, and Iain Conn, chief of refining and marketing at BP.
Friday, July 9, 2010
Warren Buffet Calls for Ouster of BP's (NYSE:BP) CEO
Warren Buffett, who since the banking crisis has become more vocal publicly in areas he has stayed away from in the past, said in an interview with Yahoo! News, that BP (NYSE:BP) CEO Tony Hayward will have to go.
“It’s not in BP’s interest to actually continue with him as CEO,” Buffett said in the interview. “I don’t know him personally and he may be the most wonderful guy in the world, but it’s not in their interest and not in our country’s interest to have him continue.
“When you have something of that impact on society, it’s like the captain of a ship. You’re responsible even though some second lieutenant made all the mistakes.”
A spokeswoman for BP, Sheila Williams, refused to comment on Buffett's statements.
“It’s not in BP’s interest to actually continue with him as CEO,” Buffett said in the interview. “I don’t know him personally and he may be the most wonderful guy in the world, but it’s not in their interest and not in our country’s interest to have him continue.
“When you have something of that impact on society, it’s like the captain of a ship. You’re responsible even though some second lieutenant made all the mistakes.”
A spokeswoman for BP, Sheila Williams, refused to comment on Buffett's statements.
Thursday, July 8, 2010
BP (NYSE:BP) CEO Tony Hayward Continues Search for Capital
There are several things BP (NYSE:BP) is attempting to battle at the same time as a result of the Gulf oil spill, and along with the costs of cleaning up the mess, they also must take a defensive posture against being taken over by a competitor, as well as provide more liquidity to go about their everyday business, which contrary to what most people think, extends far beyond the Gulf of Mexico.
With that in mind, BP CEO Tony Hayward has been flying around the world looking for ways to raise much-needed capital, with his primary focus seeming to be on the Middle East, which is much more welcoming to BP than most other parts of the world.
Specifically being targeted is the sovereign wealth funds of several nations with interest in BP, with the most publicly vocal being Libya, which has come out in support of an investment in BP, at least by the director of the sovereign wealth fund of Libya.
Hayward has also been flying to regions BP has a stake in in order to assure them he has no intention of selling assets they hold in those countries to raise capital.
This of course doesn't mean BP or Hayward won't sell any assets, just that those assets he isn't considering selling he's letting those concerned know about it.
With that in mind, BP CEO Tony Hayward has been flying around the world looking for ways to raise much-needed capital, with his primary focus seeming to be on the Middle East, which is much more welcoming to BP than most other parts of the world.
Specifically being targeted is the sovereign wealth funds of several nations with interest in BP, with the most publicly vocal being Libya, which has come out in support of an investment in BP, at least by the director of the sovereign wealth fund of Libya.
Hayward has also been flying to regions BP has a stake in in order to assure them he has no intention of selling assets they hold in those countries to raise capital.
This of course doesn't mean BP or Hayward won't sell any assets, just that those assets he isn't considering selling he's letting those concerned know about it.
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.
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.
Monday, June 28, 2010
Is BP's (NYSE:BP) Tony Hayward Stepping Down?
News that BP's (NYSE:BP) Tony Hayward is stepping down as CEO of the company have been circulating today, based on a report citing a Russian official set to meet with him Monday.
Russian Deputy Prime Minister Igor Sechin was cited by RIA Novosti, saying "Hayward is leaving his post, he will introduce his successor," referring to when the two would meet today.
American BP spokesman said concerning the report that "They are mistaken." And British BP spokeswoman Carolyn Copland reiterated that, saying the report was ""is definitely not correct," and that "Tony Hayward remains chief executive."
Hayward is meeting with Sechin today over concerns over the health of BP, which is in a joint venture with Russia's TNK-BP. That business accounts for close to 25 percent of all production and reserves of BP.
The idea that Hayward would step down in the midst of the crisis doesn't make sense to most industry watchers, who feel if he does step down at all, it would be after the crisis was handled; at minimum the plugging of the leak in the Gulf of Mexico.
Russian Deputy Prime Minister Igor Sechin was cited by RIA Novosti, saying "Hayward is leaving his post, he will introduce his successor," referring to when the two would meet today.
American BP spokesman said concerning the report that "They are mistaken." And British BP spokeswoman Carolyn Copland reiterated that, saying the report was ""is definitely not correct," and that "Tony Hayward remains chief executive."
Hayward is meeting with Sechin today over concerns over the health of BP, which is in a joint venture with Russia's TNK-BP. That business accounts for close to 25 percent of all production and reserves of BP.
The idea that Hayward would step down in the midst of the crisis doesn't make sense to most industry watchers, who feel if he does step down at all, it would be after the crisis was handled; at minimum the plugging of the leak in the Gulf of Mexico.
Wednesday, June 23, 2010
BP (NYSE:BP) Finally Removes Hayward from Gulf Cleanup Role
Even though BP (NYSE:BP) had reportedly removed CEO Tony Hayward from the cleanup role recently, BP quickly came back and said the reports weren't true, and Hayward was still running things, although there would be a gradual shifting of responsibilities onto Bob Dudley.
That has all changes, and as of today, Dudley is in charge of the Gulf cleanup, as Hayward focuses on his CEO role in the company.
Dudley has been leading the operations of BP in Asia and the Americas, and has been involved with the rough and tumble dealings with the Russians, and was even ordered to stay out of the country.
Dudley will reside over the newly formed Gulf Coast Restoration Organization unit of the company, and will still report directly to Hayward.
"In the near term, my focus will be on listening to stakeholders, so we can address concerns and remove obstacles that get in the way of our effectiveness. And we'll build an organization that over the longer term fulfills BP's commitments to the restore the livelihoods and the environment of the Gulf Coast," Dudley said.
That has all changes, and as of today, Dudley is in charge of the Gulf cleanup, as Hayward focuses on his CEO role in the company.
Dudley has been leading the operations of BP in Asia and the Americas, and has been involved with the rough and tumble dealings with the Russians, and was even ordered to stay out of the country.
Dudley will reside over the newly formed Gulf Coast Restoration Organization unit of the company, and will still report directly to Hayward.
"In the near term, my focus will be on listening to stakeholders, so we can address concerns and remove obstacles that get in the way of our effectiveness. And we'll build an organization that over the longer term fulfills BP's commitments to the restore the livelihoods and the environment of the Gulf Coast," Dudley said.
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