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#Tony Hayward

# tony-hayward - Thursday 15 November, 2012

BP agrees €3.52 billion settlement over Gulf of Mexico oil spill

The settlement includes about €1 billion in criminal fines – the biggest criminal penalty in US history.

# tony-hayward - Friday 7 January, 2011

Better management would “almost certainly” have stopped BP oil spill

The US presidential commission investigating the BP oil spill finds that lax controls and cost-cutting were the chief culprits.

# tony-hayward - 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.

# tony-hayward - 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.

# tony-hayward - Sunday 25 July, 2010

THE BOARD OF BP meets tomorrow to discuss the firm’s second-quarter results – but is expected to spend most of its meeting debating whether to retain Tony Hayward as chief executive.

A source close to the board told Reuters the meeting would focus “on the timing of Hayward’s departure, rather than whether or not he would stay with the company.”

Hayward has become the public figure for BP’s error-prone efforts to repair the damage caused by the April 20 explosion aboard the Deepwater Horizon oil rig killed eleven and kickstarted a 13-week leak into the Gulf of Mexico.

Having essentially plugged the rupture in the underground Maconda oil well, BP this week begins its efforts to repair the environmental damage caused by the spill.

Initial efforts to address the environmental disaster – described as the worst in the country’s history – and to permanently seal the leak were held up by the presence of Tropical Storm Bonnie, which has since moved away to the Mexican coast.

The size of fleet – which comprises 5,600 vessels, making the fleet the largest assembled since the Allied landings on Normandy – has sparked concerns that the size of the effort will itself cause more harm than good.

An administrator with the Environmental Protection Agency conceded that “absolutely nothing you do to respond to an oil spill is without impacts of its own,” while a fisheries scientist from the Louisiana State University said one craft, the ‘A Whale’ which sucks up 20 million gallons of water a day, and filters out the oil – “will suck in a lot of biology.”

# tony-hayward - Friday 23 July, 2010

1. BP’s CEO said he wanted his life back – after 11 people died on the rig

BP’s CEO Tony Hayward apologised for the “disruption” the oil spill had caused to the lives of people living along the Gulf coast. Then he explained that he wanted the whole thing over because, he said, “I’d like my life back.”

2. And then he went on holidays

Tony Hayward enjoyed some nice oil-free waters when taking part in a yacht race off the coast of southern England last month. A BP spokesperson said he was taking a break from overseeing BP’s efforts to stem the leak, before the leak was actually stemmed.

3. It got creative with photos of its clean-up efforts

BP released edited photos which seemed to show the hectic efforts being made in BP HQ to plug the leak. Turns out three of the screens in the crisis command centre were not actually running any video feeds at the time.

4. It turned the alarms off just before the accident

The alarm system on the Deepwater Horizon was partially shut down on the day the rig exploded, according to an electronics technician who worked on the rig. Speaking to an investigative panel in the US, the technician said that the company didn’t want a false alarm waking people up at night.

5. It got caught up in the Lockerbie bombing.

BP has been trying to dissociate itself from any suggestions that it influenced Scotland’s decision to release the Lockerbie bomber. The company admitted to lobbying the UK government over a Libya prisoner transfer deal, but said it did not specifically push for al-Megrahi’s release.