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BP shares gain as market awaits Hayward decision

NEW YORK (AP) -- BP shares are up more than 5 percent as the market anticipates a formal announcement of CEO Tony Hayward's departure.

A U.S. government official said Sunday that Hayward is on his way out as BP tries to repair the company's image after the Gulf of Mexico oil spill. BP said earlier that "no final decision" has been made about management changes.

BP's board will meet this evening, a day before it announces earnings for the second quarter. Along with the results, BP is expected to give a preliminary estimate of the full costs of the oil spill.

Shares of BP PLC rose $1.91, or 5.2 percent, to $38.77 in midday trading in New York.