Hayward is resigning from the board of TNK-BP, Russia's joint venture with BP, after he announced he would head oil company Vallares in its takeover of Turkish energy company Genel Enerji, British newspaper The Daily Telegraph reports.
Hayward joined the board at TNK-BP after a corporate reshuffling in October brought Bob Dudley to the top position of BP following the Deepwater Horizon accident in the Gulf of Mexico. Hayward led BP during the response to one of the worst offshore oil spills in the history of the industry.
Dudley in 2008 left his leadership position at TNK-BP over spats with the Russian members of the board.
Hayward, the newspaper noted in April, is said to have complained he was a "sacrificial lamb" for BP in the wake of the gulf disaster.
The newspaper in its latest report said Hayward is said it be leaving because his responsibilities at Vallares leaves him little time to devote to TNK-BP.
The British newspaper adds that Hayward's decision reportedly has little to do with ongoing corporate disagreements between BP and the Russian shareholders with TNK-BP.