Report: Hayward to Receive $930,000 Upon Stepping Down

BP CEO Tony Hayward will receive $930,000 when he steps aside as the head of the company, the BBC reported today.

According to the BBC:

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.

And more details:

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.

Hayward will take a “non-executive position” at BP-TNK, the company’s joint venture in Russia, the BBC reported.