BP chief Tony Hayward’s fate hinges on board vote

The board of oil giant BP faced a decision today on whether to keep Tony Hayward as its chief executive, although deliberations appear to have narrowed to setting the terms for his departure. After a series of blunders, Hayward has become the battered face of BP’s efforts to contain the Gulf of Mexico oil spill and clean up the damage. He was called back to London a month ago after a bruising encounter with a congressional committee and has since kept a low profile. The BP board would have to approve a change in company leadership, and there is persistent speculation that chairman Karl-Henric Svanberg, who moved into his post on Jan. 1, is also likely to lose his job later this year. News reports have suggested that Hayward will be replaced by an American, Bob Dudley, who succeeded Hayward as BP’s point man in dealing with the oil spill effort. The Financial Times reports that Hayward is likely to remain at his post for a couple of months before handing it over. The one-day board meeting comes a day before BP announces earnings for the second quarter. That report is expected to include preliminary provisions for the cost of the gulf disaster, which analysts estimate as high as $30 billion. It is not clear when BP would announce any management changes; such an announcement could be made after London trading ends today, after New York trading ends, or early Tuesday, before London trading begins anew.