Hayward set to depart BP
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BP is expected to announce the departure of chief executive Tony Hayward in the next 24 hours, according to weekend reports.
Hayward is expected to stay in his role for the next two months as the oil giant looks to seal the Gulf of Mexico oil well. He is expected to depart with a £1m payoff and a £10m pension pot.
The board is expected to meet this afternoon to make a final decision. The firm is set to announce its second quarter results tomorrow and is expected to make a provision in the region of £16bn- £19bn to cover the costs of the oil spill.
BP managing director for the Americas and Asia Bob Dudley is the favourite to replace Hayward.
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