BP boss Tony Hayward could get £4m payout
BELEAGUERED BP boss Tony Hayward could be in line for a payout of more than £4million if he stands down today as expected.
The oil firm’s chief executive spent yesterday negotiating his exit package. An announcement on his future is expected after BP’s board meets at midday.
Mr Hayward, 52, has faced a storm of criticism after an oil rig explosion in the Gulf of Mexico led to America’s worst environmental crisis. Whether he resigns or is sacked could have a bearing on his deal.
But employment law expert Philip Henson said the payout was certain to be a multi-million pound figure.
“He could receive £4million or more, depending on his contract,” said Mr Henson, head of employment law at Bargate Murray. Mr Hayward also has a £10.8million pension pot that will pay him £584,000 a year from the age of 60. He is likely to be replaced by his US colleague Bob Dudley, currently in charge of the clean-up.
Engineers working on the clean-up restarted work yesterday after a tropical storm. They hope the operation will be complete by mid-August.
In spite of the leak, which has so far cost the firm £2billion, BP is expected to announce half-year profits of £6.5billion tomorrow.