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.