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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

Elisa Mueller
News
Last updated: Jul 31, 2020 | Jul 27, 2010

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.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.

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