BP CEO Hayward's Annual Pension Will Be Nearly $1 Million

By Daniel Indiviglio

How do you retire at 53 years old with an annual pension of nearly $1 million? Become the head of a giant global oil company, and then allow it to spill millions of gallons of oil into the ocean, which forces your early resignation. BP Chief Tony Haward, expected to step down this fall, is set to receive a huge pension as a part of his golden parachute. The BBC reports:

BP chief executive Tony Hayward is receive an immediate £600,000-a-year pension when he leaves the firm in October, the BBC has learned.

That comes out to about $928,500-per-year at current exchange rates. He may stay on in a non-executive position at BP, according to the report.

Read the full story at the BBC.

This article available online at:

http://www.theatlantic.com/business/archive/2010/07/bp-ceo-haywards-annual-pension-will-be-nearly-1-million/60424/