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BP’s Hayward to step down within 10 weeks: report

London: BP Plc Chief Executive Tony Hayward is to step down within the next 10 weeks, The Times reported on Wednesday. Hayward has been under pressure to resign as the British-based company battles to contain an oil spill in the Gulf of Mexico. There is a growing expectation that Hayward would announce his departure in late August or September, the Times said, citing sources close to the company. Hayward would have to step down so that BP could shore up its defences against a potential buyout threat by ExxonMobil or Royal Dutch Shell, the newspaper cited a person close to the matter as saying. Robert Dudley, chief of BP’s Gulf Coast restoration efforts, is viewed as the front-runner to replace Hayward, The Times said.

                                                                                                               
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