Tony Hayward to Get Annual Pension of Close to $1 Million

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BP CEO Tony Hayward, said to be stepping down this fall, will receive an annual sum of £600,000 — that’s $930,000 per year — as part of his pension plan, BBC is reporting. BBC business editor Robert Peston said the pension amount was “bound to be hugely controversial," and that the board feels that because Hayward is leaving by mutual agreement, it is obliged “to honour the terms of its contract with him.” The report also cites a BP source confirming that Hayward is likely to be nominated for a non-executive position at the firm's Russian joint venture. So it appears that not only will Hayward be getting his life back, his restored life will involve an endless stream of money.

BP boss Hayward to get immediate £600,000 pension [BBC]