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If all goes as the press releases claim, Tony Hayward will step down as BP CEO on October 1, the company announced Tuesday, amid ongoing outrage over the oil spill in the Gulf of Mexico. Robert Dudley, a long-time BP employee with more than 30 years in the oil business will replace Hayward. A chemical engineer by training, Dudley was put in charge of the day-to-day leadership of the Gulf Coast clean-up operation in June.
BP said Hayward will receive a year’s salary amounting to $1.6 million but further details of his severance package were not disclosed. Given his recent performance, compensation experts say he will probably not receive the lucrative cash bonuses or stock awards given to many outgoing executives at comparable U.S. corporations.
According to BP’s most recent annual report, Hayward amassed a pension worth nearly $17 million in his 28 years of service, which is expected to be doled out in annual payments of more than $900,000. It is unclear however, if Hayward, who was born in 1957, will be eligible for retirement benefits before he turns 60 years old.
Wow! It seems like Hayward wont be struggling when he leaves, unlike the people affected by the big MESS BP made in the gulf. If my predictions are correct, aside from anniversary stories and checkups on the gulf every blue moon I think the hype will die down in less than 2 years and Hayward will be able to live his life like a normal person because no one will care to hear about it anymore.
Its the nature of Americans. Its hard to keep our attention no matter how terrible the disaster may have been. When was the last time you heard a story about the Tsunami victims, people affected by the Enron scandal or the earthquake in Haiti? When tragic events happen, our media pounces on every opportunity to capture golden footage but as time passes so does our attention span. Unfortunately, the media attention and the empathy of Americans lasts as long as sand in an hour glass.
Your thoughts??
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