BBC: BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learnt.
Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.
BBC business editor Robert Peston said it was likely he would be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation.
BP said Mr Hayward "remains our chief executive and has the full support of the board and senior management".
Our correspondent added that while BP had been preparing for a change at the top for some time, the company was waiting until progress had been made on stemming the leak and until it was possible to quantify the financial costs of the disaster.
BP is due to release its results for the second quarter on Tuesday.
It is expected to reveal a provision of up to $30bn (£19bn) for the costs of capping the well, compensation claims and fines to be paid, resulting in a massive quarterly loss.
BP's board is scheduled to meet on Monday ahead of the results.
Mr Hayward has been with the company for 28 years. >>> | Sunday, July 25, 2010
