Thursday 29 September 2016 1:21 pm

Genel Energy boss – and former BP chief exec – Tony Hayward to step down next year

Genel Energy chairman Tony Hayward, who previously led BP, is rumoured to be stepping down next year.

According to Reuters, Hayward has said in closed discussions in recent weeks that he plans to quit his post in the second half of next year.

However, a spokesman for the company said today: "Genel Energy is committed to having a strong board and, as you would expect, carefully considers succession planning in order to ensure a smooth transition of key roles at appropriate times. No decision has yet been made regarding the timing of any such transition."

Earlier this year, Hayward was reported to be planning to launch a new investment fund aimed at buying distressed oil and gas assets.

Hayward took over Genel in 2011, when he bought into the Turkish firm in a £2.5bn deal. The purchase marked his return to the oil industry after he left BP under a cloud in 2010 following the Gulf of Mexico disaster. Hayward became chairman in 2015.

Genel has struggled in recent years due to a combination of low oil prices and trouble extracting payment from the Kurdistan Regional Government.

Shares in Genel were up 2.34 per cent at pixel time.