Tony Hayward expected to step down from BP ... with an $18 Million Pension

[Emit]

Tony Hayward expected to step down from BP

By Steven Mufson
Washington Post staff writer
Sunday, July 25, 2010; 4:39 PM

Tony Hayward's departure from his job as BP's chief executive will be at the center of the agenda when the company's board of directors meets Monday night, according to a source close to the company.

The board is meeting in advance of Tuesday's release of quarterly results, and the directors will weigh how best to confront or defuse criticism as the company unveils its best estimates of massive losses arising from the oil spill in the Gulf of Mexico.

Hayward, a geologist who has spent his entire career at BP, recognizes that he

~snip~

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/25/AR2010072500951.html

With an $18M Pension:

BP CEO to Walk Away With $18 Million: Report

LONDON (Reuters) - BP Chief Executive Tony Hayward will collect a pay and pension package worth at least 11.8 million pounds ($18.03 million) when he steps down from his role at the company, the Times newspaper reported on Sunday.

The Times said Hayward will be giving up 546,000 share options and a maximum of 2 million shares in the company under a long-term incentive plan, now worth an estimated 8 million pounds.

A BP spokesman dismissed the report as "rumors," adding that Hayward remained chief executive and had full support of the board.

BP has decided Hayward should step down over his handling of the Gulf of Mexico oil spill and his departure could be announced in the next 36 hours, sources close to the company said.

~snip~

http://abcnews.go.com/Business/wireStory?id=11245402

[RKP5637]

1. It's all part of the plan IMO, well taken care of and thanked for his services

handsomely. This gives the masses a target gone so BP can proceed business as usual. It's a deflection tactic as most I'm sure know...

[stevedeshazer]

2. He gets his life back.

We don't.

[RKP5637]

4. Yep!!! Many will suffer the rest of their lives and the damage is generational, family

businesses gone, traditions lost and ways of life destroyed forever. Eventually it will be out of sight out of mind, the MSM will move onto other stuff and many will be forgotten. It is so sad.

[prolesunited]

3. Tarring and feathering

would have been more appropriate.

[malletgirl02]

5. Escrow account

BP can pay Hayward 18 million dollars, but can't put money into the escrow account?

[reformist2]

6. That's what BP is all about: Getting their lives back and Caring about the small people.

Thank you Tony Hayward and random Swedish chairman guy - your words will live forever.

LOL

[metapunditedgy]

7. It's "business as usual" until Heyward and other criminal execs are in prison. n/t

[customerserviceguy]

8. He's just the well-paid whipping boy

He's been the public face of BP during the most active part of the crisis, and has made the deal to have his name and image smeared through the mud on behalf of the company for a very nice golden handshake.