BP Board To Meet Amid Reports about Imminent Departure of CEO Tony Hayward

BP's board is planning to meet Monday evening, as reports swirl about the imminent departure of embattled CEO Tony Hayward.

Photo: BP Board To Meet Amid Reports about Imminent Departure of CEO Tony Hayward

In a statement on Monday morning, the company said its board would meet Monday night ahead of the announcement of its second-quarter earnings, and decisions "will be announced as appropriate," according to reports CNNMoney.

According to MarketWatch, the statement follows media reports this weekend that Hayward has agreed to step down and will be replaced by Robert Dudley, the American heading the company's cleanup efforts in the Gulf of Mexico in the wake of the worst oil spill in U.S. history.

"BP notes the speculation over the weekend regarding potential changes to management and the charge for the costs of the Gulf of Mexico oil spill. BP confirms that no final decision has been made on these matters," the firm said.