UPDATE: Tony Hayward Likely To Resign TNK-BP Role Soon - Source

Former BP PLC (BP.LN) Chief Executive Tony Hayward, who became a lightning rod for criticism over the company's U.S. oil-spill disaster last year, is preparing to sever his last tie with the U.K. energy giant.

Hayward is expected to announce his resignation from his post as a non-executive director at TNK-BP Ltd., BP's Russian joint venture, after its next board meeting in a matter of weeks, a person familiar with the matter said Monday.

The successful June flotation of his investment vehicle Vallares PLC (VLRS.LN) in London marked Hayward's return to the spotlight less than a year after his exit from BP, where he had served as chief executive for more than three years. Although he cut costs, increased profits and widened BP's global exploration projects while chief executive at the company, Hayward was sharply criticized for his response to the Deepwater Horizon rig explosion and subsequent Gulf of Mexico oil spill.

Hayward's intention to step down is largely motivated by increased demands on his schedule at Vallares, which last week announced a merger with Kurdistan-focused oil and gas firm Genel Energy International Ltd., the person said. It isn't related to ongoing tensions on the board between BP-appointed representatives and those chosen by BP's Soviet-born, billionaire partners in the joint venture, the person said.

"Tony has said he planned to have only one other major non-exec role, given the time constraints he now faces," said the person, adding that Hayward will retain his position on the board of commodities giant Glencore PLC (GLEN.LN).

Attempts to reach Hayward for comment were unsuccessful.

Hayward's departure as chief executive last year marked the end of a 28-year career at BP. He has maintained some connection with the company, however, through his position on the TNK-BP board.

BP said Monday it was aware Hayward was considering whether to resign from the TNK-BP board, but said it has not received any formal notice from him.

"We have been aware for some time that Tony Hayward has been considering his position at TNK-BP, but have not had any formal indication of his intention to step down," said a BP spokeswoman.

-By Alexis Flynn, Dow Jones Newswires, [phone], [e-mail]