BP Braced For Shake-Up At Top -FT

3rd Jul 2010 12:01

LONDON (Dow Jones)--Investors are braced for a clearout of BP PLC's (BP, BP.LN) leadership once its leaking oil well in the Gulf of Mexico is capped, which could come in the next few weeks, the Financial Times in London reported on Saturday, citing several leading shareholders and people close to the group. Carl-Henric Svanberg, the Swedish chairman, is being singled out for criticism by shareholders for his perceived lack of decisive leadership during the crisis and his failure to support Tony Hayward, the embattled chief executive, the FT said. The newspaper said that while there is more support for Hayward, investors are resigned to his departure as part of a comprehensive plan to restore the company's reputation and protect its independence. One top 10 United Kingdom shareholder said: "When this is over there will be a full investigation, and we would expect some action to replace the top team." The management shake-up could be rolled up with a capital raising such as a bond issue or an investment from a strategic shareholder, according to one person close to BP. The most likely replacements for Svanberg are American. Some shareholders favor Chip Goodyear, the former CEO of BHP Billiton, who left Temasek Holdings, the Singapore wealth fund, shortly after he was appointed to run it. Among existing board members, the strongest contender is Paul Anderson, another former chief executive of BHP, who joined the BP board this year, the FT said. Newspaper website: http://www.ft.com-London -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9269 (END) Dow Jones Newswires July 03, 2010 07:01 ET (11:01 GMT)