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Dublin: -2 °C Monday 18 November, 2019

#Bob Dudley

# bob-dudley - Tuesday 11 October, 2016

BP boss "a little saddened" by movie about Deepwater Horizon disaster

The explosive Hollywood movie looked at the disaster which killed 11 men in 2010.

# bob-dudley - Tuesday 27 July, 2010

BP CONFIRMED TODAY that CEO Tony Hayward will step down from his post in October. He will receive a compensation package worth over $13.5 million – but he still won’t be out of a job.

Hayward, 58, is reported to be taking up a non-executive role in BP’s Russian subisdiary, and paid  a year’s salary worth around €1 million, in lieu of the one year’s notice he is entitled too. The company said the decision was made mutually.

He will also get an immediate annual pension of about €716,000 when he leaves the CEO position. The full pension pot is valued over €13 million, according to the BBC.

Hayward has been heavily criticised by US politicans and residents along the Gulf coast for his handling of the leak in the weeks after the April spill. He was accused of ‘stonewalling‘ the US Congress when questioned about the leak and subsequent clean-up.

Bob Dudley, who will take over from Hayward, faces the unenviable task of overseeing the clean-up operation, and improving the company’s public image.

Today, the company posted a loss of $17 billion (€13 billion) – a record quarterly loss for the company. The company has reported profits of $4.39 billion (€3.38) for Q2 last year. BP also set aside $32.2 billion to cover costs arising from the oil spill, and will sell $30 billion in assets over the next 18 months to boost its finances.

Greenpeace activists in London succeeded in closing almost 50 BP petrol stations in a move timed to coincide with the company’s quarterly report. The day-long action is in protest against BP’s reaction to the oil spill, which Greenpeace says hasn’t gone far enough.

# bob-dudley - Monday 26 July, 2010

TONY HAYWARD is today expected to finalise the terms of his departure from BP’s top job – and can expect a golden handshake of £500,000 on top of his £10.8m (€12.9m) pension pot.

The 53-year-old CEO – who has been with BP for 28 years – has built up a massive pension fund which he can start drawing when he turns 60, but will be able to make do with the year’s salary he is entitled to, which also nets him over £1m (€1.19m).

He is also expected to be offered a golden handshake of £578,000 (€691,000).

Hayward’s position has been seen as increasingly untenable since an ill-fated comment after the Gulf of Mexico oil spill – which began after an explosion killed 11 of his staff – in which he declared: “I want my life back.”

President Barack Obama expedited Hayward’s departure by responding: “He wouldn’t be working for me after any of those statements.”

In a measure of BP’s need to reform its public image in the wake of the oil spill, it’s expected that Hayward will be succeeded by Bob Dudley, who – aside from being an American – has been charged with leading the Gulf clean-up operation.

Dudley, the current managing director, has previously been described by Hayward as the BP “management team’s foreign secretary”.

News of Hayward’s expected departure saw BP shares jump by over 7% in London – adding over £2bn to the company’s net worth.