BP CEO Hayward To Step Down In October

BP CEO Hayward To Step Down In October

www.time.com

(NEW ORLEANS) — Tony Hayward, who became the face of BP's flailing efforts to contain the massive Gulf oil spill, will step down as chief executive in October and be offered a job with the company's joint venture in Russia, a person familiar with the matter said Monday.

The person spoke on condition of anonymity because an official announcement had not been made by the British company's board, which was meeting Monday in London to decide Hayward's fate.

(visit the link for the full news article)

Well it's not confirmed yet, but we all know he was loosing his job over this one.

If nothing else it's a PR stunt so that BP can regain some of it's public image although I doubt it will work.

What do you think ATS?

I be he'll get a hell of a parachute package as well before he leaves.

Guy won't have to work another day in his life.

~Keeper

www.time.com
(visit the link for the full news article)

Hi,

Well, he is definitely expected to get a compensation package, but it is not enough to "retire" on. Im thinking at his comfort level, his expected 18 mil package is not alot of money.

"Tony Hayward was expected to resign imminently with a payoff package of up to 18.5 million dollars, according to British media reports"

Source

That same article states that rep Edward Markey is asking that this package be withheld until BP finishes paying out damages. Im sure they will go ahead and give it to him though, as I am sure it is in his contract.