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. Mr Hayward is to stand down after sustained criticism of his handling of the Gulf of Mexico oil leak. However, a BP source said he would be nominated for a non-executive position at the firm's Russian joint venture.
Yeah, how do you like it when the bird shits on you?
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.
