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CEO of BP Gets Booted Out with Million Dollar Pension

Middle East : 29 July 2010

Hayward to be replaced by Minnesota native Robert Dudley but leaves with $1.2 annual pension

A recent announcement names Dudley as the new CEO of BP, relieving Tony Hayward of his stressful position as of October 1.

Hayward’s time with the company has been crowned by the recent oil spill and a fall in value of more than $100 billion.  He will exit with an annual pension of $1.2 million for life and the possibility of sharing in a large package valued in the millions, available if BP’s worth climbs back up in the future.

Hayward remains a member of the BP board until the end of November.

Inevitably Hayward himself has been tied tightly to BP’s troubles in the Gulf of Mexico oil spill.  He moves north to Siberia after stepping down to become the head of TNK-BP, the company’s Russian endeavor.

BP updated their earnings in a statement this week, also stating that the resolution with Hayward was mutually agreed on.

The pre-tax charges taken in relation to the Gulf of Mexico disaster total $32.2 billion for BP, who will sell off assets of $30 billion to cover those charges, spreading the sales out over 18 months.

The recent spill is the largest oil-related disaster in the history of the US and backlash has not let up, beating the British oil firm hard.

Hayward has been with BP for 28 years and was recruited to make the oil group’s management stable.  His bumbling attempts to handle the recent disaster have been less than savvy, putting his position and firm at risk.

The oil leak sprung under the waters near the end of April has pumped over 5 million barrels of oil throughout the Gulf of Mexico, as estimated by the US government.  The spill has reached the coastlines of five US states, damaging their economy and inflicting injury and death on innumerable sea life and birds.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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