BP lets CEO Hayward off the hook
by Nathan Empsall, Mon Jul 26, 2010 at 06:17:24 PM EDT
Despite intense media speculation that he would resign as CEO of BP today, it looks like Tony Hayward will stick around until at least October. And even then, BP won’t force him out the door, they’re just transferring him to another prestigious project. From the AP:
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. The decision is the board's to make, and it was unclear if it had formally done so.
It's not yet clear what Hayward's role will be with TNK-BP… BP owns half of the oil firm, which is Russia's third-largest.
So Hayward will continue to draw a salary of several million pounds – even more in dollars – and no longer have to contend with the Gulf Coast oil spill. I’m not sure if he still gets his $10 million pound parachute since he’s not leaving BP, but it remains safe to say that the man who famously said “I want my life back” is about to get his wish.
For the record, when Catholic Charities asked BP for $10 million to help with their Gulf Coast assistance programs, BP gave them only $1 million. Combine that with the $0 in their much-ballyhooed escrow fund for processing their victims’ claims and you get a total much, much lower than either Hayward’s salary or parachute.