Gulf Disaster

Report: BP's Tony Hayward to Resign

“Growing expectation” exec. will step down.

Sources close to BP’s president, Tony Hayward, who was lambasted for his poor handling of the Gulf oil spill, told The Times of London that he will resign in either late August or early September, the paper reports Wednesday. BP strongly denied the report, saying “there is no truth in this article.” But one source told the Times "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 by the event itself.” The rumors of Hayward’s departure came on the same day BP announced it will sell off $7 billion of oil and gas assets to meet the growing cost of the oil spill.