The chief executive of BP, Mr. Tony Hayward has negotiated his terms of exit with the company but the official statement is to be issued on Tuesday with the half-year financial result. Mr. Hayward has served the company for last 28 years but he was widely criticized by the US government and others over the disaster oil spill in the Gulf of Mexico.

The chief executive post of BP will more likely to be replaced by Mr. Bob Dudley, who is currently in charge of the spill clean up operation in the Gulf of Mexico. It is a tragedy for BP as the company has seen the second dramatic change in its leadership within only four years.

Before this the predecessor of Mr. Hayward, Mr. Lord Browne left his post as the share price of the company fell down because of the Texas City refinery fire. Mr. Hayward met with the BP board to discuss about his financial leaving package. BP has vowed to be in touch with its current chief executive and every change in the company would be announced by the stock exchange.