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Hayward to Get $18M Golden Parachute

Lawmakers slam payoff for Tony Hayward

By Rob Quinn, Newser Staff

Posted Jul 27, 2010 4:51 AM CDT | Updated Jul 27, 2010 7:36 AM CDT

(Newser) – Booted BP boss Tony Hayward will be getting a compensation package worth more than $18 million to soften the blow of having to step down amid heavy criticism. Hayward, who is leaving by mutual consent in October after 28 years with the firm, has a contract which includes a $930,000 annual pension the 53-year-old will be able to receive immediately, sources tell the BBC.

That pension pot is worth around $16.5 million. He'll also receive a year's salary upon leaving, and retain share options potentially worth millions more—if the company recovers. And that's not all he's getting, reports the New York Post: Seems Hayward does get to keep some sort of job with BP...in Siberia. He'll be paid $55,000 a year for the part-time gig, which has him overseeing the development of oil fields as part of BP's joint British-Russian venture there.

Tony Hayward will be nominated for a position with BP's Russian operation, according to a company source. (AP Photo/Sean Gardner, Pool, File)

Protestors stand behind BP CEO Tony Hayward as he arrives on Capitol Hill to testify before a House Oversight and Investigations subcommittee hearing. (AP Photo/Haraz N. Ghanbari)

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Showing 3 of 24 comments

Rocket448

Jul 28, 2010 12:59 PM CDT

In a related story, blowhard Hayward claims his company has a wonderful safety record. No, I'm not kidding and it's not an Onion story (even though it could be). Slate is reporting that Hayward claims that BP's response to the crisis has been "a model of what corporate social responsibility is all about." Un-ferking-believable. I'm beginning to think that a plan to make us all owners of all corporations would be preferable to allowing jerks like this guy run international energy companies.

JohnEd

Jul 27, 2010 9:31 PM CDT

Ahhh, the 'merican dream!

Rocket448

Jul 27, 2010 8:52 PM CDT

The DirecTV ad: "opulence - I has it" came to mind as I read this story. Does anyone else feel as though the corporations rule our world like the despots of old ruled their serfs? Think about it; they only want what is good for them and they don't care at all what we serfs think or who gets hurt. We're kidding ourselves if we think we have any control over our destinies - at all.

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Hayward to Get $18M Golden Parachute

Lawmakers slam payoff for Tony Hayward

OTHER STORIES ON OUR RADAR

executive compensation • golden parachutes • British Petroleum • Gulf oil spill • Tony Hayward • Tony Hayward resignation

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Says he was vilified for doing the right thing

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In Bob Dudley, BP Has Picked Another Loser

He messed up business in Moscow so badly two governments got involved

BP Confirms Hayward Exit

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BBC says he's 'negotiating his exit deal'

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