Chief Executive Tony Hayward, who became a lightning rod for criticism over the company's U.S. oil-spill disaster last year, is preparing to sever his last tie with the U.K. energy giant.
Chief Executive Tony Hayward, who became a lightning rod for criticism
over the company's
U.S.
oil-spill disaster last year, is preparing to sever his last tie with the
U.K.
energy giant.
Hayward
is expected to announce his
resignation from his post as a non-executive director at TNK-BP Ltd., BP's
Russian joint venture, after its next board meeting in a matter of weeks, a
person familiar with the matter said Monday.
The successful June flotation of his investment vehicle Vallares PLC (VLRS.LN)
in
London
marked
Hayward
's return
to the spotlight less than a year after his exit from BP, where he had served
as chief executive for more than three years. Although he cut costs, increased
profits and widened BP's global exploration projects while chief executive at
the company,
Hayward
was
sharply criticized for his response to the Deepwater Horizon rig explosion and
subsequent
Gulf of Mexico
oil spill.
Hayward
's intention to step down is
largely motivated by increased demands on his schedule at Vallares, which last
week announced a merger with Kurdistan-focused oil and gas firm Genel Energy
International Ltd., the person said. It isn't related to ongoing tensions on
the board between BP-appointed representatives and those chosen by BP's
Soviet-born, billionaire partners in the joint venture, the person said.
"Tony has said he planned to have only one other major non-exec role,
given the time constraints he now faces," said the person, adding that
Hayward
will
retain his position on the board of commodities giant Glencore PLC (GLEN.LN).
Attempts to reach
Hayward
for
comment were unsuccessful.
Hayward
's departure as chief
executive last year marked the end of a 28-year career at BP. He has maintained
some connection with the company, however, through his position on the TNK-BP
board.
BP said Monday it was aware
Hayward
was
considering whether to resign from the TNK-BP board, but said it has not
received any formal notice from him.
"We have been aware for some time that Tony Hayward has been considering
his position at TNK-BP, but have not had any formal indication of his intention
to step down," said a BP spokeswoman.
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