Robert Peston on why BP needs a new leader

Help

BP's chief executive Tony Hayward has been negotiating the terms of his exit from the company, the BBC has learnt.

A formal announcement is likely within the next 24 hours.

Mr Hayward has been heavily criticised for his handling of the Gulf of Mexico oil leak, and for what some see as a series of public relations gaffes.

BBC business editor Robert Peston says it is likely he will be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation.

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.