DOW JONES NEWSWIRES BP PLC (BP, BP.LN) Chief Executive Tony Hayward will next week launch a fight against the wave of criticism that has engulfed him and BP following the Gulf of Mexico oil spill, according to The Guardian's Web site on Wednesday. Hayward is set to outline a new corporate growth strategy in a bid to reassure shareholders and, at the same time, cement his position as chief executive, the newspaper said, without citing specific sources. His move comes as pension funds in New York and Ohio unveiled plans to sue BP for "securities fraud" as a result of the oil company's allegedly misleading comments on its ability to handle safety issues and deal with a major clean-up, The Guardian reported. The strategy briefing in London on Tuesday will come alongside the release of second quarter profit figures which will show a strong year-on-year increase to about $5 billion, according to The Guardian. The result, however, will be dwarfed by an expected $20 billion-plus estimate of liabilities emanating from the Deepwater Horizon disaster, The Guardian said. Hayward will argue that a slimmer, more focused BP is still capable of bouncing back from the Gulf tragedy by saying the brand continues to be strongly respected elsewhere in the world, The Guardian said. Newspaper Web site: http://guardian.co.uk -Dow Jones Newswires; dennis.baker@dowjones.com (END) Dow Jones Newswires July 21, 2010 21:26 ET (01:26 GMT)