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
BP Boss to Get $18M Golden Parachute
Tony Hayward will be nominated for a position with BP's Russian operation, according to a company source.   (AP Photo/Sean Gardner, Pool, File)

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.
(Read more British Petroleum stories.)

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