UPDATE: Tony Hayward Likely To Resign TNK-BP Role Soon - Source
September 12 2011 - 9:59AM
Dow Jones News
Former BP PLC (BP.LN) 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.
-By Alexis Flynn, Dow Jones Newswires, +44 207 842 9471,
alexis.flynn@dowjones.com
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