BP Denies Latest Reports of Hayward Resignation

As the Gulf of Mexico continues to suffer one of the worst environmental disasters in U.S. history at the hands of BP, the company has denied the latest report that chief executive Tony Hayward is planning to resign.

The Times of London reported Wednesday that Hayward will step down within 10 weeks

But BP spokesman Robert Wine told CBS News that Hayward, "remains CEO" and "has the full support of the board."

Special Section: Disaster in the Gulf

The Times cited company sources as saying that Hayward could depart in late August or September. Some said that Hayward would need to step down to help BP defend against takeover bids by ExxonMobil or Royal Dutch Shell.

Hayward has taken criticism for both the company's bumbling response to the oil spill it sparked on April 20 and for his personal demeanor - stonewalling a Congressional committee and saying on an oi-stained beach that he "want[s] his life back."