Report: Big-Mouthed BP CEO To Step Down

Even though Tony Hayward said in June that he had no intention of stepping down as CEO of British Petroleum, it looks like he might have spoken too soon, as several reports say Tone-Bone will be readying his golden parachute following today’s board meeting.

Sources tell Reuters that Hayward, who made a habit of sticking his well-heeled foot in his mouth will be replaced by Bob Dudley, the American BP executive currently managing the oil spill response operation in the Gulf of Mexico.

Who knows… maybe it was Hayward sending those scam e-mails to people in Florida?

BP’s Hayward to step aside as Gulf work resumes [Reuters]

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  1. APriusAndAGrill says:

    Maybe he can get a job with Exxon?

    • Bob says:

      Exxon will not touch him!!! They learned their lesson with the Exxon Valdez. BP didn’t learn from from that lesson.

  2. jurupa says:

    And I bet the real reason for his departure is due to how much of a hit BP has taken on their stock and it was the board of directors that voted him out. Tho replacing him with an American exec I am not sure is a good thing tho, seeing what type of corporate cultural we have.

    • jiubreyn says:

      I was thinking along the same lines – it was “recommended” that he step down rather than be fired. Either way, it’s a smart move for the company.

      • jurupa says:

        It looks smart on paper, but I am not sure it was the smartest thing for the long run. Especially replacing him with an American exec and not an European or Japanese exec.

  3. HoJu says:

    Enjoy your life back, T-Bag.

  4. valen says:

    Glad to hear that BP finally put a working cap on that well of BS spewing in the Gulf.

  5. Hands says:

    I hope “Small People” Svanberg is paying attention.

  6. Akuma Matata says:

    what took so long?

  7. suez says:

    That’s the most insulting part of this whole story–that this guy will no doubt get a sweet golden parachute reward out of this.

    Don’t get me started on how incompetence is rewarded in the corporate world…

    • JollyJumjuck says:

      B-b-b-b-but CEO’s deseeeeeerrrrrrve all that extra compensation, because no one else can do the job!
      Watch him get a nice plum job as an executive at another big corporation within a year.

      • TailsToo says:

        And because, you know, the buck stops with them; they’re responsible for everything. Unless something goes wrong / something illegal occurs. Then they weren’t informed, didn’t know, and shouldn’t be held accountable.

        • jurupa says:

          And what makes you think Tony knew what was going on the oil rig before it blew? I bet you he had no idea his lower execs where push the rig to hard to fast to meet deadlines as well as production levels. Not everything execs below the ceo make it up to the ceo.

          • TailsToo says:

            You could argue that it’s the culture that Tony created that says put profit above safety. It’s also supposed to be the job of upper management to ensure that they have the proper people in place in lower levels of management.

            If the CEO accepts no blame when things go bad, why should he accept the big payday when things go right?

      • jurupa says:

        So you think anyone can be a CEO of a company? Especially a company as big as BP?

    • craptastico says:

      i’m pretty sure i’ve read that he stands to make 16 million off of his firing. not sure if that was in dollars or pounds, but either way he stands to make out ok

  8. Destron says:

    He will walk away with a severance package that is no doubt worth more than all of the people that post on this site make in a year combined.

    Some day I want to become a corporate CEO and royally screw the company for 4 years all the while collecting my 30 million a year bonuses and 80 million a year salary while I play golf all day so when i get “removed” I can get my severance package and never have to work again.

    • TailsToo says:

      Once you become that CEO, however, your services will be in high demand and you could get another ceo job, run that company into the ground, get another ceo job, run that company into the ground, etc…

      Even Dick Fuld, who ran Leiman into the ground, got another high-profile job on Wall Street.

    • jurupa says:

      I would love to hear you say that when you get paid a salary of $1 per year and your income comes from the company stock. Makes its a bit harder to run the company into the ground I think seeing that the only way to make those millions is to not run the company into the ground. Personally I think more CEO’s of Fortune 500 companies should be paid like this. It will certainly help with the salary gaps and encourage more CEO’s to make sure the company does not run into the ground.

  9. Tim says:

    It’s not British Petroleum! It hasn’t been since 1998. Its current name is “BP plc.”

  10. oldwiz65 says:

    Wonder how much of a bonus he will get for stepping down? BP will be much more interested in giving their executives bonus money and such rather than cleaning up their environmental disaster. After all, executives are far far more important to BP than fish, oysters, birds, or fishermen.

  11. BadgerPudding says:

    Why now, and not during his colossal series of screw-ups? Is this any indication that he was tied up with that whole Lockerbie affair?

  12. BobOblah says:

    What a coward. He doesn’t even have the courage to see BP’s current problem to the end. Instead, he’ll just turn his back and throw some other schmuck under the bus.

  13. cmdr.sass says:

    Replacing the British CEO with an American CEO is a calculated move to deflect some of the anti-British sentiment that’s arisen since the spill.

  14. UCLAri: Allergy Sufferer says:

    Hay guyz,

    Tone-bone here. I’ve been thinking really really really hard about everything, and I’ve decided to start thinking about considering leaving my position at BP. I want you all to know that this wasn’t an easy decision. For one, it’s really hard to get a job in this market. Secondly, I still feel really really bad about what happened. In fact, I’ve been so torn up about it that I’ve had to spend time alone on my yacht thinking about how much folks in the Colonies have been suffering.

    It’s been serious meditative time for this guy.

    However, I want you to know that even though you’re all rebellious Yank scum, I’ve loved every minute I’ve spent there.

    LOTS of hugs,

    Tone-Bone

    —-
    Sent from my iPhone
    email: tonyhaywardjablowme@hotmail.com

  15. axiomatic says:

    Don’t let the door hit you in the ass Tony.

    I hope any future company he works for realizes that when “the chips are down” that Tony here will run for the door like a craven loser if the heat gets too hot for him.

    Why again do the CEO’s deserve the fat pay if they can’t even do the one thing they are tasked to do which is ultimately accept responsibility for the company you are CEO of?

  16. VashTS says:

    Why are people happy he is getting away and BP and the US government is letting him go. He gets money, he gets a new well paid position, the BP gets less publicity, he gets HIS life back….he wins the poor, mid class, hard working are still in a ditch,