Tony Hayward Reportedly Stepping Down

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Goodbye.
Goodbye. Photo: Getty Images

The Times reports that the embattled BP CEO has agreed to step down and be replaced by Robert Dudley, the company’s most senior American executive who is now in charge of BP’s operations in the Gulf of Mexico. The decision might be announced publicly this Tuesday, and will likely go into effect this fall. Looks like he'll get his life back, after all. [NYT]

Updated: Multiple reports now say Hayward is exiting, with his replacement by American Robert Dudley set to be announced as early as today. Hayward will reportedly collect a pay and pension package worth at least $18 million. Dudley would be the first non-Brit to serve as the top executive of the British company. BP says no final decision has been made, but the markets seems to believe his exit is imminent, as investors have already begun bidding up shares of BP.