BP CEO set to resign before Tuesday

According to reports in the British press, BP CEO Tony Hayward will be stepping down before Tuesday. Hayward's departure is expected to come in anticipation of BP's announcement that it has made approximately $10 billion this year, despite their responsibility in the largest oil spill in history, the U.K.'s Telegraph reports:

The chief executive of BP, Tony Hayward, is finalising the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive's future possibly within the next 48 hours.

After a weekend of detailed negotiations over Mr Hayward's severance package, it now appears almost certain that he will announce his departure ahead of BP's half year results on Tuesday.

The Wall Street Journal has reported that BP is currently dealing with Hayward's departure:

Under the plan being discussed, Mr. Hayward would not necessarily depart immediately, these people said, giving the company time to settle on a successor and devise and orderly transition. It is possible, however, that the board could move more quickly in tapping a new chief.

The Guardian has reported that Hayward will be replaced by Bob Dudley. Dudley has been managing the day-to-day operations of the oil spill.

But a BP spokesman denied the reports in a statement to Dow Jones Newswires, saying: "Tony Hayward is the chief executive and has the confidence of the board and senior management."