BP boss Hayward to get immediate £600,000 pension ($930,000)

[Liberal_in_LA]

BP boss Hayward to get immediate £600,000 pension Mr Hayward has been the public face of BP's response to the spill BP chief executive Tony Hayward will get an immediate annual pension worth about £600,000 ($930,000) when he leaves in October, the BBC has learned.

Mr Hayward is to stand down after sustained criticism of his handling of the Gulf of Mexico oil leak.

However, a BP source said he would be nominated for a non-executive position at the firm's Russian joint venture.

BBC business editor Robert Peston said that the pension entitlement was "bound to be hugely controversial".

http://www.bbc.co.uk/news/business-10434908

[Skink]

1. finally he'll be able to concentrate on Yacht racing.

Good show.

[theoldman]

2. How does this compare to pensions from an American oil company?

Just because the guy is not good at politics does not mean that he is not a good executive. Unfortunately too many executives worked their way to the top by being good politicians. It takes knowledge and good supervisory skills to be a good executive.

[Stinky The Clown]

3. Much as I dislike this guy and his predatory company, the pension is not that bothersome

Let me explain that.

I think most high level executive pensions are obscene. By American standards, his is paltry. That said, he was relieved of command, not found guilty of a crime. (He should be, but he wasn't.) He earned his pension by the rules established between him and BP, and BP is giving it to him.

I think we can justifiably argue about executive compensation, but not about this, specifically. He played by the rules and is being paid by the rules.

[theoldman]

4. My guess is that his pension is peanuts by American standards.

[dipsydoodle]

5. In some respects BP are saying

to anyone pig ignorant enough your side who refered to them as British Petroleum - we can take the piss too especially with regard to the position with the Russian jv.

I doubt he would actually take the £600k mentioned for some years - will just roll up and add to his current fund which is c. £11 million.

From the Beeb :

BP pension scheme rules say that those who joined before April 2006 can take the pension at any point from age 50. Mr Hayward is 53.

He will also receive a year's salary plus benefits worth more than £1m.

Mr Hayward's pension pot is valued at about £11m and he will keep his rights to shares under a long-term performance scheme which could - depending on BP's stock market recovery - eventually be worth several million pounds. http://www.bbc.co.uk/news/business-10434908