Sun | Jul 5, 2020

BP boss pension finalized

Published:Monday | July 26, 2010 | 5:52 PM

Oil giant British Petroleum (BP) chief executive Tony Hayward will get an immediate annual pension worth about £600,000 sterling when he leaves in October.



Hayward is to stand down after sustained criticism of his handling of the Gulf of Mexico oil leak.



However, a BP source is quoted as saying he will be nominated for a non-executive position at the firm's Russian joint venture.



BP pension scheme rules say that those who joined before April 2006 can take the pension at any point from age 50.



Hayward is 53.



He will also receive a year's salary plus benefits worth more than £1 million sterling.



Hayward's pension pot is valued at approximately £11million and he will keep his rights to shares under a long-term performance scheme which could eventually be worth several million pounds.