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| Economy |
| BP boss set to resign within 24 hours, says report |
| 2010-07-26 |
| [The Nation (Nairobi)] The chief executive of troubled British oil giant BP, Tony Hayward, was negotiating his terms of departure today and is likely to quit within 24 hours, the BBC reported. The British broadcaster said it had been told by a senior BP source that an announcement was due shortly on Mr Hayward, whose future has been in doubt for several weeks over his handling of the Gulf of Mexico oil spill. The BBC added that there was a "strong likelihood" that he would be replaced by Mr Bob Dudley, who took over management of BP's response to the spill from Hayward last month. Earlier, the Sunday Telegraph newspaper reported that Mr Hayward was poised to resign before BP announces its half-year results on Tuesday. Reports have suggested for days that Hayward would resign at some point in the coming weeks as BP battles to recover its reputation in the wake of the massive oil spill. The Sunday Telegraph said that there could be wrangling over Hayward's severance package, under which he is likely to be paid a minimum figure of just over one million pounds (Sh120 million). BP has said that Mr Hayward "has the support of the board and management" but has declined to make further comment on media reports. |
| Posted by:Fred |
| #5 Well said, junkiron. And don't let's forget, most of Mr. Hayward's pay and bonuses are in stock options, not cash... and set at an ambitious future target price that reflects solid company growth and profits, not the current cock-up. Which means they are worth absolutely nothing at the time of his separation. |
| Posted by: trailing wife 2010-07-26 19:02 |
| #4 Tony Hayward probably wouldn't know a blowout preventer from a drill bit if he saw one. His job is to run the corporation business. Not drill oil wells. His responsibility is to the investers. Not the spill victims. People who worry about the little people don't last long in the corporate boardrooms. His job is to make money, not friends. And if the stocks take a tumble on your watch well ...... it's been nice workin with ya Tony, nothing personal ya know, it's just business. |
| Posted by: junkiron 2010-07-26 16:05 |
| #3 above = Example #437 of our Oligarchy's favorite game, "Heads We Win / Tails They Lose" |
| Posted by: lex 2010-07-26 09:47 |
| #2 Wouldn't put it past him to negotiate a million or more options on BP stock, at the current (greatly reduced) strike price. |
| Posted by: lex 2010-07-26 09:46 |
| #1 The Sunday Telegraph said that there could be wrangling over Hayward's severance package, under which he is likely to be paid a minimum figure of just over one million pounds (Sh120 million). Looks like he wrangled it up to $20 million. |
| Posted by: tipper 2010-07-26 00:14 |