Posted on 07/26/2010 1:52:35 PM PDT by SeekAndFind
BP chief executive Tony Hayward will get an immediate annual pension worth about £600,000 ($930,000) when he leaves in October, the BBC has learned.
Mr Hayward is to stand down after sustained criticism of his handling of the Gulf of Mexico oil leak.
However, a BP source said he would be nominated for a non-executive position at the firm's Russian joint venture.
BBC business editor Robert Peston said that the pension entitlement was "bound to be hugely controversial.
'Honour contract'
BP pension scheme rules say that those who joined before April 2006 can take the pension at any point from age 50. Mr Hayward is 53.
He will also receive a year's salary plus benefits worth more than £1m.
Mr Hayward's pension pot is valued at about £11m and he will keep his rights to shares under a long-term performance scheme which could - depending on BP's stock market recovery - eventually be worth several million pounds.
Our business editor said that because Mr Hayward was leaving by mutual agreement rather than being sacked, the BP board felt it had "to honour the terms of its contract with him".
He will be replaced by American colleague Bob Dudley, the BBC understands, though no formal announcement has yet been made.
Mr Dudley, who is in charge of the Gulf of Mexico clean-up operation, was the former chief of the BP-TNK joint venture, but was forced to leave Russia in 2008 amid a dispute with shareholders.
(Excerpt) Read more at bbc.co.uk ...
Im happy he got his life back
MORE NEWS :
http://www.guardian.co.uk/business/2010/jul/26/tony-hayward-bp-russia-gulf-oil-spill
BP sends Tony Hayward to Siberia to appease US
Terry Macalister and Andrew Clark guardian.co.uk, Monday 26 July 2010 20.47 BST
BP is poised to stun the City tomorrow by nominating Tony Hayward to the board of its Russian business as a consolation prize for being axed as chief executive.
Following its board meeting in London, the oil group will formally announce tomorrow when it unveils second-quarter results that Hayward is standing down from the company’s top job in October. It will use his departure to appease public opinion over the Gulf oil spill in the US where Hayward has been dubbed public enemy number one for his gaffe-ridden response to the crisis.
But the expected unveiling of a new job for Hayward – albeit a far less important one as a non-executive director at its Russian joint venture TNK-BP – could risk diluting the public relations impact of his exit from the top.
The surprise send-off to Siberia where BP has a share in the huge Kovykta field has an added twist because Hayward is being replaced as chief executive at BP by Bob Dudley. The softly spoken American was himself the former chief executive of TNK-BP before he was forced out of the country by the Kremlin two years ago in a dispute over control of the company.
Hayward’s expected departure was thought to be the ideal way for BP to draw a line under the Deepwater Horizon oil spill – the worst in American history – after it succeeded in capping the gushing well earlier this month.
However, BP will argue it was Hayward who rebuilt bridges with the Russian authorities and keeping him in the corporate family will help tend what is still an important group of oil-producing assets.
Equally, there were fears that putting Dudley at the top of the group could endanger a delicate relationship with Moscow politicians and that Hayward could help smooth the transition.
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***BP chief executive Tony Hayward will get an immediate annual pension worth about £600,000 ($930,000) when he leaves in October,***
He could have avoided all those headaches by becoming a member of the City Council of BELL, CA. They made $800,000.00 each a year for little or no work.
Darn unions....hehehe
Honoring the deal for his compensation is a good thing.
This story is making the rounds mostly to stir up animus against him and BP.
Hmmm, let’s look at the checklist:
1: Incompetent. Check
2: No leadership ability. Check
3: Obnoxious. Check
4: Never had a real job. Check
5. Would flunk a science 101 class. Check
Sounds like our next democratic president to me.
Obama takes no responsibility. He scre*** Jindal over and over again and a lot of other folks with his moratorium....AND THE COURT EVEN SAID "NO WAY".
Obama is indeed a dictator and guilty of crimes against the people of the United States.
^__^
“Honoring the deal for his compensation is a good thing.
This story is making the rounds mostly to stir up animus against him and BP.”
...I agree...it’s a class warfare/hate the rich story from the MSM cabal....the fact is that executive compensation is nobody’s business but the owners of the company (the shareholders)
Poor guy, He is not doing near as good as Owl Gore.
Tony, as retiring head of BP US, probably is more deserving of his pension than the administrators who are looting Bell, California.
And look who's judging! He happens to have a Ph.D. in geology -— well beyond 100-level classes. No, he did not take (a British equivalent of) “Science 101:” science and engineering majors begin with a three-semester physics sequence. Must be a habit for you to defame people.
There was no word on a possible Chinese purchase of BP plc’s stake in Argentina’s Pan American Energy, an oil and gas producer. News reports say BP might sell its 60 percent share to state-owned China National Offshore Oil Corp., which owns 20 percent of Pan American and wants to expand
His “pension” is nothing to celebrate.
That idiot failed in my opinion. If he’s in any way responsible for Deepwater Horizon, the neglect and incompetence clause should take effect.
He was in charge of the company when it had a serious accident, most likely preventable, that left the company liable for billions in monetary damages and suffered untold damage to its corporate reputation. I'd say he made out better than BP did.
I completely agree with you. What does it have to do, however, with my post?
"I'd say he made out better than BP did."
I don't know. Only Marx and apparently you know what people should be paid. Like most other people, I assume that the price of BP CEO is determined by the market.
>>That idiot failed in my opinion. If he’s in any way responsible for Deepwater Horizon, the neglect and incompetence clause should take effect.<<
That idiot was forced by US Government regulations to drill for oil (it is British Petroleum after all) 500 miles off shore with robots and a lot of luck.
You want to talk about incompetence? How about your A-hole in chief and the enviroweenies that actually caused this mess?
OMG, it’s right out of Rules for Radicals to isolate and demonize. You’re falling for it. Instead of blaming the people who won’t let us drill in Alaska, you’re slamming the head of an Oil Company, who has been extorted to pay every moocher with his hand out, whether they are in need or not.
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