Tuesday, July 27, 2010

£1M Payoff

Tony Hayward, the outgoing CEO of BP, has negotiated a £1M payoff and a £10M pension pot.

As a result of the oil spill BP reported in its Q2 results a provision for $32.2BN and a loss of $17BN, the largest loss in British corporate history.

Quite why BP's all but invisible chairman, Carl-Henric Svanberg, who described the residents of the Gulf Coast as "small people" remains in situ is a mystery.

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