BP bosses set to quit after leak is stopped

EMBATTLED BP chief executive Tony Hayward and chairman Carl-Henric Svanberg are expected to step down from the board of the oil giant as soon as the leaking well in the Gulf of Mexico is capped.

Shareholders are set to demand a boardroom shake-up in the wake of the disaster, which has more than halved the value of BP's shares since April.

Svanberg is believed to be the primary target of angry investors, who believe he has not sufficiently supported Hayward. But it is believed Hayward will also be forced to leave in a bid to repair BP's reputation and allow it to remain independent.

"When this is over there will be a full investigation, and we would expect action to replace the top team," a top 10 UK shareholder was reported as saying.

Another investor criticised Svanberg's actions during the crisis, despite him having led a BP delegation to the White House to agree a $20 billion (13bn) fund to compensate victims of the spill.

"Mr Svanberg does not command the total support of shareholders," he said. "There are a lot of shareholders who would be happier to see Mr Svanberg go first."

Shareholders are already discussing potential replacements. Bob Dudley, BP's managing director for the Americas and Asia, has taken a high-profile role during the crisis and is tipped as a likely successor to Hayward.

Another American, Chip Goodyear, former chief executive of BHP Billiton, is thought to be favoured to replace Svanberg.

Among existing BP board members, the strongest contender is another former BHP chief executive, Paul Anderson.