Oil Spill: BP Chief Executive Officer Stepping Down

San Francisco, July 20, (THEWILL) – BP CEO, Mr. Tony Hayward will resign from his position between August and September this year, according to a report in Wednesday’s edition of The Times.

Hayward and BP have been highly criticized for the oil spill in the Gulf of Mexico and the way they have handled the whole affair.

Citing sources close to the British-based oil giant, The Times said Hayward would have to step down to allow the company resist takeover threats by Shell or ExxonMobil.

BP today agreed to sell assets worth $7 billion dollars in North America and Egypt to Apache Corporation to shore up cash to settle imminent liabilities over the record oil spill in US history.

BP said it intends to raise $10 billion dollars by selling assets to raise cash.

Mr. Robert Dudley, Chief of BP's Gulf Coast restoration efforts was named as the front-runner to replace Hayward in the report.

The company has however debunked the report.