Hayward ‘about to quit TNK–BP board’

FORMER BP chief executive Tony Hayward is believed to be on the point of standing down from the board of TNK‑BP, the British oil major’s Russian joint venture, following the announcement that he will run a new oil major.

Hayward’s oil industry consolidation vehicle Vallares is in the process of a £1.3 billion takeover of Genel Enerji, and it is understood he believes after its completion he will not have the time for both roles.