Oiling the wheels of Hayward’s departure

I see BP have finally come to their senses and decided to change their Chief Executive, Tony Hayward. I’m sure many will share in my surprise that last year, between salary, bonus, long-term incentive and share options he earned a total of four and a half million pounds.

Mr Hayward spent much of last weekend ‘in negotiations’ over his farewell package, which will probably include early access to an annual pension payment of almost £600,000 from a pot of almost £11m.

It’s not quite on a par with Fred "The Shred" Goodwin’s £700,000 annual payout from his RBS pension pot of £16m, but it’s up there in the league table of vulgarity against the environmental nightmare which BP have caused under Mr Hayward’s leadership.

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