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BP boss to get pension of $930,000 per year upon leaving this October
by Joseph Ernest July 26, 2010
Newscast Media -- Tony Hayward, the BP chief executive, will receive a pension of $930,000 which will be effective immediately after he leaves the company in October.
Because Mr Hayward was leaving by mutual agreement rather than being fired, the BP board felt it had to honor the terms of its contract with him. The contract stipulates that that those who joined before April 2006 can take the pension at any point from age 50. Mr Hayward is 53.
U.S. politicians along with residents of the Gulf coast critisized Mr. Hayward for his handling of the spill, including saying that he "just wanted his life back" and that the Gulf of Mexico was a "big ocean" following the leak. Either way, the size of his pension is sure to ruffle some feathers among casual observers.
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