The British Petroleum (BP) oil spill, that has now become one of the most dangerous ecological incident in recent times has now taken an unusual twist, as the current CEO of BP is now slated for an early retirement in the month of October this year, with a hefty pension of more than $900,000. This out of thin air retirement for Tony Hayward comes after continued criticism, that he hasn’t really taken care of the oil spill in the Gulf of Mexico, as he had been expected to. Still, Mr. Howard will retain a non-executive position at Petroleum, at the firm’s Russian joint venture.
As per BP’s policies, any and all employees who joined the company before April 2006 are more than eligible to withdraw pensions from the company and Mr. Howard is said to receive more than $1.5 million and other benefits, that would bring his entire pension package to a whopping $17 million. Also, Mr. Hayward will be eligible to his rights for the company stocks, that are believed to grow into several million pounds worth in the coming years. There has been reports that, as Mr . Hayward has resigned with mutual consent and has not been fired, hence, British Petroleum is more than willing to continue with its contract with the former CEO.
Tony Hayward joined BP about 28 years ago in the capacity of a rig geologist, stationed in the North Sea and after the resignation of the former British Petroleum CEO, Lord Browne, Mr. Hayward was considered to be the prime candidate for the top spot.