A BP spokesman denied reports that CEO Tony Hayward planned to step down.
U.K. newspaper The Times had reported that the embattled Hayward would step down within the next 10 weeks. One anonymous insider told the paper, “You would be hard-pushed to find anyone within the company who does not think he is irreparably damaged — both by his own performance and the event itself.”
According to the report, Hayward would step down so BP could defend itself from from buyout threats. Robert Dudley, who currently oversees BP’s Gulf restoration, was seen as a potential replacement.
But BP says the story is bunk. Hayward “remains in place and has the support of the management and the board,” the company said in a statement.