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Posts Tagged ‘Tony Hayward’

Reappearance of Huge Plumes of Oil is Making It Hard to Pretend that the Problem Has Disappeared

There is a flood of information coming out on the Gulf oil spill.Why?The reappearance of huge plumes of oil is making it hard to pretend that it has all gone away.Here’s a roundup of some of the Gulf oil headlines from just the last 4 days:More Indep…

15 (Thankfully) Imaginary Celebrity Fragrances

Celebrities love to sell themselves. No matter what they’re famous for (even if it’s just famous for being famous), eventually they want to diversify to gain more of their favorite things: money and attention.

What Small Business Can Learn From Fortune-500 PR Mistakes

If we look further at the three companies (Toyota, BP and Goldman Sachs), many experts agree that there were several bad PR moves (very similar in nature) that played a big role in the PR process.

When University Scientists Found Underwater Oil Plumes, the Government Said Shut Up, Don’t Tell Anyone … and Then Tried to Discredit Them

As I’ve previously reported, a senior EPA policy analyst says that NOAA and the EPA have been “sock puppets” for BP.NOAA has repeatedly denied the existence of underwater oil plumes (see this and this), calculated the spill to be only 5,000 barrels a…

BP and golden parachutes : The wages of failure

Despite the howls, Tony Hayward’s departure as boss of BP was deftly handled. And other firms are trying harder not to reward bad leadership

WHEN Tony Hayward said “I’d like my life back” on May 30th, losing his job as boss of BP was probably not what he had in mind. But on July 27th he accepted the inevitable. On his watch, zillions of gallons of oil spilled into the Gulf of Mexico. When the microphones were on, gaffes gushed from his lips. He was a walking public-relations disaster and had to go.

His replacement will be another BP veteran, Robert Dudley, an American who grew up in Mississippi. Mr Dudley has had PR problems of his own. While head of BP-TNK, a joint venture in Russia, he fell out with BP’s Russian partners and left the country in some disarray after the Russian security services raided BP’s office in Moscow. None of this will make Americans think worse of him, however. …

Golden parachutes

Bosses who walked away with large payouts

ON TUESDAY July 27th BP announced its chief executive, Tony Hayward, was stepping down after just three years in the job. He leaves with a year’s salary, GBP1m ($1.6m), and a pension reported to be worth GBP11m, accrued over 28 years of service. On the same day the company revealed a quarterly loss of GBP17 billion, reflecting the cost of the oil spill in the Gulf of Mexico. Mr Hayward has received criticism over his handling of the Deepwater Horizon spill. For all the opprobrium heaped on him over the last few months, Mr Hayward’s payout is modest compared with those enjoyed by many similarly high-profile bosses.

BP confirms CEO to step down

BP has announced that Tony Hayward is to step down as the company’s chief executive officer.
Hayward has been criticized over his handling of the Gulf of Mexico oil spill. He is to be succeeded by American Robert Dudley.

Temasek says BP stake talk is ‘speculation’: Update

Singapore state investor Temasek Holdings dismissed talk it had held discussions with troubled British oil company BP Plc (BP.L) for a strategic stake.

“It’s speculation,” Temasek Executive Director Simon Israel told reporters on Thursday when asked if Temasek was indeed talking to BP. Israel did not comment further.

Temasek’s comment comes after BP (BP.N) boss Tony Hayward met an Abu Dhabi state investment fund on Wednesday, part of a quest for cash to ward off takeovers and help pay for the worst oil spill in US history.

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Don’t bet on the boss

Which chief executives will be out of their jobs by next year?

IT SEEMS only a matter of time before Tony Hayward is granted his wish to get his life back. William Hill, a bookmaker, is giving short odds on the BP boss’s survival beyond the end of the year after his dismal handling of a catastrophic oil spill in the Gulf of Mexico. He is not the only chief executive apparently destined for the door. Even shorter odds are offered on Tidjane Thiam, who faces the wrath of shareholders over Prudential’s failed bid to buy AIA, an Asian insurer. But not all bosses are in hot water for their handling of calamitous events. Sir Howard Stringer may go for presiding over years of steady decline at Sony; Apple has a terrific record under Steve Jobs but poor health may force him out.

Chairman of Goldman Sachs International Was – Until Last Year – Also Chairman of BP

Janine Wedel has written extensively on how the “shadow elite” rule the world and about the “flexians” – the movers and shakers of the shadow elite who glide across borders, and structure overlapping (and not fully revealed) roles in government, busine…

BP ‘morons’ turn down James Cameron’s oil spill help offer

‘Avatar’ director James Cameron proposed to help BP in stopping the US oil leak in the Gulf of Mexico by offering sub-sea vehicles.
However, BP officials declined the helmer’s offer.
“Over the last few weeks I”ve watched, as we all have, with growing horror and heartache, what’’s happening in the Gulf and thinking those morons [...]

Business and NGOs: Reaching for a longer spoon

The disaster in the Gulf of Mexico is straining ties between companies and activists

IT IS not just Barack Obama and Tony Hayward, BP’s boss, who are under fire because of the environmental catastrophe unfolding in the Gulf of Mexico. In the decade or so since BP acknowledged the need to slow climate change and signalled its commitment to investing in cleaner sources of energy with the slogan “Beyond Petroleum”, many environmental activists and NGOs have laid down their placards and helped the firm execute its green strategies. They are now facing intense criticism of that collaboration from their own supporters, who say the oil spill has left BP’s (always contentious) green claims “Beyond Parody” and the company “Beyond the Pale”.

The website of one such NGO, the Nature Conservancy, has been bombarded with complaints from donors horrified by the discovery (although it had never hidden the fact) that over the years it had received around $10m in gifts of cash and land from BP, and had even given the oil giant a seat on its “International Leadership Council”. Another, Conservation International, has accepted over $2m from BP, advised the firm on its oil extraction methods, and from 2000 to 2006 included on its board John Browne, BP’s boss at the time and the moving force behind the firm’s conversion to greenery. The Environmental Defense Fund, another big NGO, had helped BP develop its internal carbon-trading system, and more recently campaigned alongside it for a law to cap America’s emissions of greenhouse gases through the US Climate Action Partnership (USCAP), an alliance of NGOs and big businesses. Other prominent NGO members of USCAP include the Nature Conservancy, the Pew Center on Global Climate Change, the Natural Resources Defense Council and the World Resources Institute. …

Mudslinging

BP tries to “top kill” the Deepwater Horizon leak

THE oil is coming ashore, seeping into the Louisiana marshes and washing up on Alabama beaches. Daily overflights show an oily sheen stretching over several hundred miles of the Gulf of Mexico—rainbow sheen, intermittent sheen, windows of sheen. In places it clots into mousse, orange and brown. Underwater cameras give a live feed from the source, a mile below the surface: oil gushing up from the seabed in a sinuous, ceaseless heave.

It has been more than five weeks since the Deepwater Horizon rig sank, and the oil spill that resulted is very conspicuously continuing. While BP, the company responsible for the disaster, has not contradicted a government estimate that the well is spilling some 5,000 barrels a day, outside scientists have estimated that the rate is as much as ten times greater. Teams of ships have skimmed up millions of barrels of oily water, and unfurled miles of barrier boom. Tony Hayward, the company’s CEO, vows to clean up “every last drop” of oil that reaches land, which is a bit unrealistic. …

Schumpeter: The cult of the faceless boss

Too many chief executives are instantly forgettable. It’s the flamboyant, visionary bosses who change the world

THE European Union is not the only institution that prefers faceless technocrats to people with star power. The corporate world is increasingly rejecting imperial chief executives in favour of anonymous managers—bland and boring men and women who can hardly get themselves noticed at cocktail parties, let alone stop the traffic in Moscow and Beijing.

Some of the world’s most powerful bosses are striking mainly for their blandness: Sam Palmisano at IBM, Tony Hayward at BP, Terry Leahy at Tesco, Vittorio Colao at Vodafone. These men are at the head of a vast army of even more forgettable bosses. Watch the parade of chief executives who appear on CNBC every day, or drop in to a high-powered conference, and you begin to wonder whether cloning is more advanced than scientists are letting on. …

Lower oil prices cut BP profits

BP logo

UK oil giant BP has said its second-quarter profits are down 53% from a year ago after oil prices remained low.

BP’s replacement cost profit between April and June was $3.1bn (£1.9bn).

The price of oil has hovered at between $60 and $70 a barrel recently – well off the high of $147 seen last July and the $30 lows of earlier this year.

Last month, the company appointed Carl-Henric Svanberg, the Ericsson chief executive, as its new chairman to replace Sir Peter Sutherland.

Mr Svanberg will be joining at a challenging time for the firm after almost 40% of investors voted against BP’s remuneration report at its annual meeting.

‘Turbulent times’

BP’s profit was up 30% from the level seen in the first three months of the year and chief executive Tony Hayward said the firm was delivering a good performance.

"We are in turbulent times, volatile and uncertain," Mr Hayward said. "But we continue to steer a steady course through choppy waters."

Daily production rose by 4% in the three months to the end of June, BP said.

This figure is being closely monitored by analysts to see how output cuts by oil producer cartel Opec and attacks by militants in Nigeria have hit growth in the sector as a whole.

BP said that it had already achieved the $2bn in cost-cutting it had aimed for in 2009, and was expecting to save a further $1bn during the rest of the year. </p


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